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Inmarsat full-year profit up to $127.7M

LONDON --Inmarsat PLC, a British satellite operator, said Tuesday that full-year profit almost doubled after the company cut costs.

Net income in the year through Dec. 31 rose to US$127.7 million (euro96.9 million), from US$64.4 million in the previous year, the company said in a statement. Revenue rose 1.8 percent to US$500.1 million (euro379.7 million).

Inmarsat shed 42 jobs as it approached the end of the development program for the Inmarsat 4 satellite. The company also said it cut operating costs by US$6.8 million (euro5.2 million) to US$56.6 million (euro43 million).

Inmarsat provides satellite communications services, including data and voice connectivity. The company has a fleet of ten owned and operated satellites.

"We are pleased with the performance of our core business and believe the growth drivers of our 2006 performance can fuel further growth in 2007," the company said. "We are targeting growth across all our business sectors in 2007 and overall a higher level of revenue growth than we achieved in 2006."

Inmarsat shares dipped 3.5 percent to 396.5 pence (US$7.78; euro5.91) on the London Stock Exchange amid broader market declines.