BREAKING NEWS

BREAKING NEWS

Communications provider Inmarsat's first-quarter core profit drops 13 percent

Communications provider Inmarsat's first-quarter core profit drops 13 percent
FILE PHOTO: Staff at satellite communications company Inmarsat work in front of a screen showing subscribers using their service throughout the world, at their headquarters in London March 25, 2014. REUTERS/Andrew Winning/File Photo -
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Andrew Winning(Reuters)
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(Reuters) - Inmarsat Plc reported a 13 percent fall in first-quarter core earnings on Wednesday, hit by lower sales at its maritime business and weak demand for its legacy products such as satellite phones.

The company, which provides communications to ships, aircraft and remote locations worldwide, posted earnings before interest, tax, depreciation and amortization of $152.4 million and group revenue of $346.9 million for the three months ended March 31.

This is Inmarsat's first report card since it agreed to a $3.4 billion buyout from a private-equity led consortium in March.

(Reporting by Pushkala Aripaka in Bengaluru; Editing by Shounak Dasgupta)

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