Communications Space: Net loss of $ 2.3 million in the quarter, compared to a loss of $ 6 million in the corresponding quarter

by time news

Space Communications, the satellite communications provider and operator of the Amos satellite fleet, today published reports for the third quarter of 2021 and showed revenue growth.

According to the company, the improvement is due to the continued implementation of focused business activity that is strategically targeted at market segments in Africa and includes cellular and telecom companies, along with the beginning of the implementation of the change to a service company that also includes ancillary services, along with satellite communications.

The company recorded a 7% increase in revenues, which amounted to approximately $ 23.6 million in the third quarter of 2021, compared to revenues of approximately $ 22.1 million in the corresponding quarter in 2020.

Gross profit for the quarter was $ 6.9 million, compared to $ 4.1 million in the corresponding quarter, while operating profit for the quarter was $ 4.2 million, compared to an operating profit of 1.9 million in the third quarter last year.

The net loss in the quarter amounted to approximately $ 2.3 million, compared with a loss of approximately $ 6 million in the corresponding quarter last year.

The company recorded an increase in EBITDA in the quarter, which amounted to approximately $ 16.7 million, compared with approximately $ 15.8 million in the corresponding quarter last year. The increase in EBITDA was mainly due to an increase in revenue from the Amos 17 satellite.

The cash balance at the end of September amounted to approximately $ 110 million. The backlog amounted to approximately $ 331 million.

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