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To: Johnny Canuck who wrote (40229)	9/10/2003 8:35:07 PM
From: Johnny Canuck	Read Replies (1) \| Respond to of 69962

Dow Jones Business News Hong Kong APT Satellite 1st Half Loss HK$162.7 Million Vs Net HK 30.6 Million Wednesday September 10, 2:34 am ET HONG KONG -(Dow Jones)- APT Satellite Holdings Ltd. said Wednesday it sank into the red during its fiscal first-half due to higher depreciation and asset impairment charges. The satellite operator reported a loss of HK$162.7 million for the six months ended June 30, compared with a net profit of HK$30.6 million in the same period a year earlier. Revenue for the period fell 14% to HK$151.3 million. The impairment charge on fixed assets during the period rose from zero to HK$ 92.4 million, while depreciation charges increased to HK$123.5 million from HK$ 110.7 million. APT Satellite's net profit has fallen for three consecutive years as a sluggish global economy has dampened demand for satellite capacity. The company is replacing APSTAR I, one of its oldest satellites, with APSTAR V this month. It also plans to replace APSTAR IA with APSTAR VI in 2005. The company currently has four satellites in operation, including APSTAR V. It warned earlier its bottom line could be hurt by higher depreciation charges if it can't find ways for its aging satellites to generate new revenues. -By Chan Ka Sing, Dow Jones Newswires; 852-2802-7002; ks.chan@dowjones.com -Edited by Debra Boyce and Andrew Bullard