Satellite operator Intelsat says it hasn’t been immune to the effects of Covid 19.
Reporting its first financial figures since it entered Chapter 11, Intelsat’s Chief Executive Officer, Stephen Spengler said it had seen disruption to its due to the decline in its networks business and in media through a drop in demand for “occasional use” services for sporting events and concerts.
Networks, which fell by 27%, was particularly hit through the combination of lower renewal rates and two ‘unusual items’. Media faired better with a 9% year-on-year decrease.
Intelsat maintains a fill rate of 78%.
The company reported total revenue of $458.8 million and a net loss of $218.8 million.