Japan Satellite profits up

Wowow reaches a record $79.7 mil

By JON HERSKOVITZ

TOKYO -- Japan Satellite Broadcasting, operator of Japanese subscription channel Wowow, posted a record profit in the fiscal year that ended on March 31. Pre-tax profits were up 33% from the year before to hit 9.8 billion yen ($79.7 million).

Wowow posted a 5.6% increase in its subscriber base, finishing the year with 2.53 million subscribers, the company said.

Revenues were up 8.3% to $490.7 million. The company expects revenues to hit $536.6 million for the fiscal year that ends March 31, 2000, while pretax profits will slide to $53.6 million, according to estimates.

Most of Wowow's users receive the service from the Japanese government's broadcast satellite.