StockMarketWire.com - Inmarsat reported Thursday annual profits fell by more than a fifth as rise in satellite revenues were weighed down by a jump in costs.

For the 12 months to 31 December, pretax profit fell 28% to $167.9m and revenue increased by 5.3% to $1.47bn, with satellite services and Ligado revenues up 5.7% and 1.5%, respectively.

Costs rose 33.7% to $255m from $190.7m a year earlier.

A sharp jump in aviation growth more than offsets a declining growth in the maritime division.

Aviation revenues jumped 41% to $256.1 for the year, within which In-Flight Connectivity revenues more than doubled. Maritime revenues fell 2.6% to $552.8m.

In 2019, revenue, ex Ligado, was expected to in a range of $1,300m to $1,400m.

The company said left its guidance for revenue, earnings (EBITDA), capex unchanged and net debt unchanged.

Revenue growth on average over the five year period, 2018 to 2022, was expected to grow by mid-single digit percentage with earnings (EBITDA) and free cash flow generation improving steadily.

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