* Sees 2014 op profit slightly down year on year
* Shares down more than 8 pct (Adds detail, CFO on operating profit, shares)
By Paul Sandle
LONDON, Nov 7 (Reuters) – Inmarsat (Other OTC: IMASF – news) , a British satellite communications company, said a difficult outlook for its U.S. government business and a later-than-planned launch of its new GX satellite would hit operating profit next year.
It said much of the cost of rolling out the new GX network was still to be incurred next year. This would combine with investments in one of its other networks and the impact of cuts to U.S. defence spending to hit profits.
“The timing of these factors will naturally combine to apply some downward pressure on operating profits during the year 2014, but we remain confident in the outlook for GX,” Inmarsat (LSE: ISAT.L – news) said on Thursday.
Chief Financial Officer Rick Medlock said the company now expected operating profit to be “marginally down” next year. Six months ago, it had been…
