Telesat Reports Results for the Quarter Ended March 31, 2018
Loral Space and Communications, Inc. (LORL)
US:NASDAQ Investor Relations:
loral.com/investors/overview/default.aspx
Company Research
Source: GlobeNewswire
OTTAWA, May 03, 2018 (GLOBE NEWSWIRE) -- Telesat Canada (“Telesat”) today announced its financial results for the three-month period ended March 31, 2018. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. For the quarter ended March 31, 2018, Telesat reported consolidated revenues of $232 million, compared to $235 million in the same period in 2017. During the quarter, the U.S. dollar was approximately 5% weaker against the Canadian dollar than it was during the first quarter of 2016 and, as a result, there was an unfavorable impact on the conversion of U.S. dollar denominated revenues. Excluding the impact of foreign exchange rate changes, revenue increased by 2% ($4 million) compared to the same period in 2017. Operating expenses of $38 million for the quarter were 31% ($17 million) lower than the same period in 2017, or 29% ($16 million) lower excluding the impact of changes in foreign exchange r
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