Mixed fourth-quarter for PanAmSat

US-based satellite communications company PanAmSat has reported an increase in profit for the fourth quarter of 2002. Earnings rose to USD23.5 million (16 cents a share) from USD3.2 million (2 cents a share) beating analyst expectations of 13 cents a share. The results were dampened, however, by a decline in revenue to USD196.8 million from USD203.7 million in the previous quarter, a drop which the company has attributed to a weakening in demand for video services, particularly occasional video broadcasts such as one-time sports events. PanAmSat said it is looking into expanding to new markets through a series of acquisitions to achieve growth in 2003. It claims to be interested in acquiring European satellite operator Eutelsat to improve its network coverage in Europe, but would have to enter into a partnership with another operator to be able to come up with the USD3 billion needed for the deal. The US-based satellite company said it expects to see an improvement in its financial results in the first quarter of 2003, with projected revenues of around USD200 million.