Inmarsat shows profit of $17.7m as it faces merger with Viasat

Rajeev Suri Inmarsat.jpg

Inmarsat turned a loss in 2020 of US$182.9 million into a profit for 2021 of $17.7 million.

Revenue was up from $1.27 billion in 2020 to $1.35 billion in 2021, the company said, it what is expected to be its last annual report before it is taken over by Viasat for $7.3 billion.

Rajeev Suri, CEO of Inmarsat, said the results “all reflect strong improvements and robust momentum in our business”.

He said the Viasat “transaction is on track and expected to close in the second half of 2022”.

Inmarsat said in its annual report that network availability was 99.9% – “three nines” rather than the “five nines” or 99.999% level to which terrestrial services aspire. “We meet the maritime safety requirements set by the International Maritime Organization for safety services,” said the company.