Telesat Reports Results for the Quarter and Year Ended December 31, 2017
Loral Space and Communications, Inc. (LORL)
US:NASDAQ Investor Relations:
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Source: GlobeNewswire
OTTAWA, March 01, 2018 (GLOBE NEWSWIRE) -- Telesat Canada (“Telesat”) today announced its consolidated financial results for the three month and one year periods ended December 31, 2017. All amounts are in Canadian dollars and are reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. For the quarter ended December 31, 2017, Telesat reported revenues of $252 million, an increase of approximately 5% ($12 million) compared to the same period in 2016. The U.S. dollar was approximately 4% weaker on average against the Canadian dollar than it was during the fourth quarter of 2016. After adjusting for the impact of changes in foreign exchange rates, revenue increased by 7% ($18 million) compared to the same period in 2016. The growth in revenue was primarily driven by short-term services provided to other satellite operators. Operating expenses of $47 million for the quarter were slightly ($1 million) higher than the same period in 2016. After a
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