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NewSat (ASX:NWT) swings to slim profit in FY10

NewSat (ASX:NWT) swings to slim profit in FY10

Satellite operator NewSat (ASX:NWT) has swung to a $26,000 net profit in FY10, thanks to strong customer contract growth during the year.

The result compares to a $2.96 million loss from FY09, and an $8.1 million loss from the year before that.

Revenue grew 26% to $25 million, and gross margins improved by a quarter. NewSat said it had won 196 contracts in total during the course of the year, with 90 of these being to new customers.

The contracts in the pipeline have an average annual value of $50,000, NewSat said.

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Tags ASX:NWTsatelliteNewSatfinancial results

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