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Intelsat posts $55 million loss

NEW YORK (Reuters) ? Intelsat Ltd., the world?s No. 2 communications satellite operator, yesterday posted a fourth-quarter loss, as it took a hefty impairment charge for satellite power problems.

Bermuda-based Intelsat, which last month closed a $3.1 billion deal to be sold to a consortium of four buyout funds, reported a net loss of $55 million, or 34 cents a share, compared with net income of $26.1 million, or 16 cents a share, a year earlier.

The latest quarter included a $84.4 million impairment charge for an electrical anomaly in its IA-7 satellite.

Intelsat, which operates 28 communications satellites servicing most of the globe, posted a $49 million loss from continuing operations and a $6.1 million loss from discontinued operations.

Revenue rose to $283.4 million in the fourth quarter, from $230.3 million a year ago.

Intelsat said it would launch its new IA-8 satellite in the second or third quarter. It had delayed the launch to examine the cause of the anomaly in its IA-7 craft.