SpaceX Explosion in Florida to Result in Heavy Toll on Earning Projections

Destruction of the AMOS-6 satellite during Thursday’s launch pad explosion of a SpaceX rocket is expected to result in lost revenues of more than $50 million, the satellite company Eutelsat Communications said in a press release.

WASHINGTON (Sputnik) — The satellite was destroyed when SpaceX rocket exploded on a launch pad at Cape Canaveral in the US state of Florida on Thursday.

"The impact on revenues is estimated at around €5 million in FY [fiscal year] 2016-17, €15 million in FY 2017-18 and €25-30 million in FY 2018-19," the release explained on Friday.

The amounts total about $55 million.

Eutelsat leases capacity on 39 satellites to clients, including broadcasters, pay-TV operators, Internet service providers and government agencies, the release noted.

In collaboration with Facebook, Eutelsat had contracted a multi-year agreement to lease AMOS-6 satellite coverage of sub-Saharan Africa, with the goal of launching broadband services early next year, the release said.