Telesat Reports Results for the Quarter and Year Ended December 31, 2018
Loral Space and Communications, Inc. (LORL)
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Source: GlobeNewswire
OTTAWA, Ontario, March 01, 2019 (GLOBE NEWSWIRE) -- Telesat Canada (“Telesat”) today announced its financial results for the three-month and one-year periods ended December 31, 2018. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. For the quarter ended December 31, 2018, Telesat reported consolidated revenues of $232 million, a decrease of 8% ($21 million) compared to the same period in 2017. When adjusting for the impact of foreign exchange rate changes, revenue decreased by 9% ($22 million) compared to the same period in 2017. The decrease was primarily due to short-term services provided to other satellite operators in the 4th quarter of 2017 that did not re-occur in 2018, and the end of service or service reductions for certain customers, partially offset by the impact of the implementation of IFRS 15 and revenue related to the Telstar 19 VANTAGE satellite, which entered commercial service in Au
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