Dutch comunication company New Skies Satellites has reported that revenues grew to $51.8 million, an increase of $0.6 million over the same period in 2001, for the quarter ended March 31, 2002.

The company, which launched the satellite NSS 7 on 16 April, also signed contracts with New Zealand broadcaster TVNZ for the delivery of television news and sports events around the world; with the International Broadcasting Bureau/Voice of America for digital video links between the US and locations in the Caribbean and with a major Indian ISP data access for internet services during this quarter. New Skies has, during the first quarter, tied up with Arab Digital Distribution for their customer Star TV for video services from Hong Kong to Italy; and with major European telecommunication companies, Telenor and CPR Marconi, for voice and data services over NSS3, a release says.

New Skies Q1 EBITDA (earnings before interest, taxes, depreciation and amortization) are $ 28.6 million, while net income is put at $ 6.4 million. The EBITDA for the same quarter grew by $ 0.9 million or 3 per cent. The net income for the first quarter of 2002 decreased by $ 1.6 million and the diluted earnings per share for the same period reduced by $ 0.01, compared with the same period in 2001. The decrease in the current quarter primarily relates to the lower interest income, according to the release.