SES announced its financial results for the first quarter ended on March 31, 2018 with the revenues of €477.6 million ($580.1 million), down by 11.7%, compared to revenue of €540.6 million ($656.7 million) in Q1 2017. The net profit in Q1 2018 was €98.2 million ($119.2 million), a decrease of 23.5%, compared to €128.4 million ($156 million) in Q1 2017.
In this first quarter, SES business units showed decline in revenues, compared to the same quarter of 2017. SES Video’s underlying revenues were €321.5 million ($390.5 million), down by 3.6%, compared to €349.9 million ($425 million) in Q1 2017 due to the impact of IFRS 15 accounting changes. On the other hand, the underlying revenues of SES Networks were €153 million ($185.9 million), down by 4%, compared to €159.5 million ($193.7 million). Periodic and other revenue in Q1 2018 was €3.1 million ($3.77 million) compared with €27.7 million ($33.65 million) in Q1 2017 at constant FX which included an important up-front contribution from the sale of capacity to Global Eagle Entertainment. Revenues for the HD+ business in Germany increased as a price increase took effect.
The company added that the current financial outlook, as presented in February 2018, remains unchanged and an update will be provided with the H1 2018 results announcement.
