China Satcom: Net profit attributable to parent company is expected to be 411 million yuan in the first half of the year, a year-on-year increase of 54%

China Satcom expects net profit to increase by 54% in the first half of 2024

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Announcement content:

China Satcom Group Co., Ltd. (hereinafter referred to as "China Satcom") announced today evening that the net profit attributable to the parent company is expected to be 411 million yuan in the first half of 2024, a year-on-year increase of 54%.

Reason for the expected increase in performance:

China Satcom stated that the main reason for the expected increase in performance for this period is that it reached an agreement with the insurance underwriter on the insurance compensation plan for the VimicroStar 6C satellite in June 2024 and signed the "Liability Termination of the Agreement".

Results for the same period last year:

In the first half of 2023, China Satcom's net profit attributable to shareholders of the listed company was 266,219,871.25 yuan, and the net profit excluding non-recurring gains and losses was 232,278,931.77 yuan.

Expand consumer-grade satellite Internet products:

China Satcom has announced that it will provide more consumer-grade satellite Internet products to the market, and has launched aviation satellite Internet product traffic packages with airlines. Passengers can use their mobile phones or terminals to connect to the in-flight Wi-Fi, and the network speed is equivalent to 4G.

Company Profile:

China Satcom is the builder and operator of national information and communication infrastructure such as high-orbit satellite Internet in my country. It is also the only independently controllable satellite communication operating enterprise and national basic telecommunications operator in my country, and The leader of the satellite communications industry chain.

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