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APT Satellite Gets $21mn From Insurance Firm For Part Failure Of Apstar 6

$21 million was paid to APT after the Apstar 6 communications satellite partly failed. The incident took place in May, 2018. The money was given as an insurance payback. While speaking to Hong Kong Stock Exchange (published on August 8) APT representative informed that they have successfully collected most of the indemnity. The rest of the amount will be paid by end of 2019.

During the failure, Apstar 6 was 14 years old. It was gradually moved to a nearby orbit after the satellite encountered power failure. The Apstar 6C was installed before time as a replacement for Apstar 6. The representative also stated that as 6C was launched at the same month when Apstar 6 started having problems means that they did not face any materialistic loss in revenue. Last year the company received $16.5 million as insurance pay. $4.4 million was given to the company on 30th June of this year again as insurance. The Apstar 6 communications satellite was manufactured by the Thales Alenia Space.

Though there was hassle free transition between Apstar 6 and 6C and the insurance payments were also received, the company announced a loss in revenue in the initial 6 months of 2019. They stated that there has been a decrease in revenue by 9.4%. The satellite company informed that one of their important clients (name was not disclosed) did not renew the contract. For this reason, there was decline in the revenue; the company achieved $72 millions till June 30 of this year.

At present the company has 4 spacecrafts. Out of these, 2 were commissioned in 2018. The next launch of the company will be Apstar 6D. The company has incurred 390 million yuan expense to build this satellite. This new satellite was ordered in 2016 and is expected to offer services globally.

Content Writer At Industry News Report 24

Ross has studied masters in business administration from one of the elite universities. Formerly, he worked with one of the Fortune 100 companies in the U.S. his in-depth knowledge related to statistics has helped in managing the professional duties very well. In leisure time, Ross loves to play badminton. He is a pet lover and has a cute German shepherd “Tarzan.”

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