US satellite operator EchoStar Communications reported narrowing losses and a rising subscriber base for irs first quarter.
The group – owner of the Dish Network satellite service – posted a loss of $38.6 million (€42.3m; £26.3m) for the first three months of the year, compared with $169.9m in Q1 2001.
Revenues at EchoStar surged 22% to $1.1bn in the quarter, while subscriber numbers were up 25% from the same period last year to 7.16m.
The results include a $58m accounting charge related to an investment of $1.5bn in EchoStar by Vivendi Universal. The eight-year agreement between the two is designed to aid EchoStar’s controversial purchase of General Motors-owned Hughes Electronics, parent of satellite market leader DirecTV.
Data sourced from: MediaWeek.com (USA); additional content by WARC staff