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Strategies & Market Trends : Bosco & Crossy's stock picks,talk area

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To: Crossy who wrote (3821)	8/21/2003 3:45:31 PM
From: PuddleGlum	of 37387

Got some STHLY. Here's some news from SAT that may affect ATS. Though presumably such news is already built into the stock prices. HONG KONG, Aug 21 (Reuters) - Leading satellite operator Asia Satellite Telecommunications Holdings Ltd (HKSE:1135.HK - News; NYSE:SAT - News) reported on Thursday a fall of 14.2 percent in first-half net profit on weakening demand and a provision for deferred tax. The company was also cautious on the rest of the year, despite the launch in April of a fourth satellite, AsiaSat 4, which started commercial service last month. "We do not expect that the Asian satellite market will improve until the general economics of the region start to grow again. There is little evidence that this will occur this year," AsiaSat Chairman Mi Zengxin said in a statement. The company, which rents satellite transponder space to broadcast and telecommunications clients, posted a net profit of HK$240.1 million in the first six months to June 30 versus HK$279.8 million a year earlier and hiked its interim dividend to eight cents cents from six cents. Turnover fell five percent to HK$455.6 million from HK$478.8 million in the corresponding period last year. AsiaSat said it had suffered an HK$18 million provision for deferred tax charges due to new Hong Kong accounting procedures and said the SARS virus also hurt business in the first half. The company added it had contracts worth HK$3.8 billion, a slight decline from HK$4.0 billion six months ago despite adding Hong Kong's TVB 8 and TVB Xing He 24 hour Mandarin language channels on its AsiaSat 3 dish. Shares in AsiaSat traded higher after the announcement, up 4.84 percent outstripping a rise of 1.37 percent in the benchmark Hang Seng Index. AsiaSat is 68.9 percent controlled by a joint venture company set up by Chinese conglomerate China International Trust and Investment Corporation and Luxembourg-based SES Global (SESF.LU), the world's biggest satellite operator.

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