[Satellite TODAY Insider 02-18-11] Thaicom reported a 38 percent increase in revenues for its IPStar business in its fiscal 2010 year, with revenues from its Internet and media businesses also increasing 21.3 percent over the previous year to $21.3 million, Thaicom announced in its latest financial results issued Feb. 17.
    Thaicom generated $76.5 million in revenue from its Thaicom 4 satellite – an 8.9 percent increase from its 2009 figures to $6.25 million – due to the 38 percent growth in service revenues in Japan, India, Australia and New Zealand. 
    Credit Suisse Satellite Equity Research Analyst Chate Benchavitvilai told Satellite TODAY Insider that he was impressed by the performance of IPStar, which could help the operator generate net profits. "We believe that tangible progress from IPStar India delivered in the fourth quarter was encouraging," he said. "Given multiple delays over the past two years, the credibility of this deal actually happening has been low even after the management announced that the contract was finalized in November 2010. The more visible improvement in IPStar service revenue in the fourth quarter could be a catalyst for Thaicom."
    Thaicom said performance in the Indian market is the cornerstone of its business strategy as its contracts in the region come with a minimum guarantee over five years. "This is crucial for Thaicom, as it effectively transfers the risk of finding the end-demand, or, the area [where] it has been weak, to its partner. Our current base case for Thaicom forecast the company to finally be able to report a net profit in [fiscal 2011], a turnaround from 4 consecutive years of normalized net loss," Benchavitvilai said.
    Thaicom also reported growing demands for pay-TV in Thailand and in other countries across Asia. The numbers of television channels broadcast on Thaicom satellites increased from 283 channels in 2009 to 358 channels in 2010.

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