TapTechNews July 8th news, China Satcom Group Corporation Limited announced in the evening today that it is expected that the profit attributable to the parent company in the first half of 2024 will be $64.77 million (411 million yuan), with a year-on-year increase of 54%.
China Satcom stated that the main reason for the expected increase in performance this period is that in June 2024, an agreement was reached with the insurance underwriter on the insurance compensation plan for the Zhongxing 6C satellite and the Liability Release Agreement was signed.
In terms of operating performance and financial status in the same period of the previous year, the profit attributable to shareholders of the listed company of China Satcom in the first half of 2023 was 266,219,871.25 yuan (about $37.83 million (2.66 billion yuan)). The profit attributable to shareholders of the listed company after deducting non-recurring profit and loss was 232,278,931.77 yuan (about $33.06 million (2.32 billion yuan)).
According to a previous report by TapTechNews, China Satcom announced in February this year that it will provide more consumer-level satellite Internet products to the market, and will jointly launch aircraft satellite Internet product traffic packages with airlines. Experts in the marketing department of China Satcom said that passengers on board the flight can query the Internet flight in advance and conveniently purchase the satellite Internet traffic package through the Internet. Passengers can connect to the on-board Wi-Fi with their mobile phones or other terminals in the air, and the on-board network speed is equivalent to the 4G level.
China Satcom is the builder and operator of national information and communication infrastructure such as high-orbit satellite Internet in China, the only independently controllable satellite communication operating enterprise and national basic telecommunications operator in China, and also the head unit of China's satellite communication industry chain.