MUMBAI: Satellite operator Panamsat has reported financial results for the second quarter ended 30 June 2004. The company generated revenues of $206.8 million compared to $203.6 million in the second quarter of 2003.

For the six months ended 30 June 2004, total revenues were $412.3 million compared to $403.3 million for the same period last year. Operating lease revenues were $202.7 million for the second quarter of 2004 compared to $199.4 million for the same period last year. The increase in operating lease revenues was primarily attributable to additional government services revenues related to the company's government services operating segment and an increase in network services revenues related to data services within the Middle East and Vsat applications in North America.

On the flip side, these increases were partially offset by lower video services revenues primarily due to customer credit-related issues in international regions. Earnings per share (EPS) for the second quarter of 2004 were $0.07 per share compared to EPS of $0.20 for last year's second quarter.

The primary reason for the reduction in EPS was a non-cash charge of approximately $29.6 million recorded in the second quarter of this year. This charge related to the write-off of a customer's receivable balance. Panamsat had terminated the customer's agreement citing non-payment.