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Inmarsat profits sail onwards

By Daily Mail Reporter
Updated: 04:25 EDT, 10 May 2011

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Inmarsat posted first quarter pre-tax profits that were up 51 per cent as the British satellite operator said its key maritime unit boosted sales over the last three months due to rising world trade levels.

The firm - which provides telecommunications to shipping, aircraft, the military and businesses which operate in remote areas - said its profits grew to $124.8m while sales also rose 15% to $323.9m.

The company said it saw a rise in shipping levels, which account for half of its sales, in the last quarter after warning about lower maritime earnings earlier in the year.

Shares rose 26p to 619p.

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