Telesat Reports Results for the Quarter Ended June 30, 2018
Loral Space and Communications, Inc. (LORL)
US:NASDAQ Investor Relations:
loral.com/investors/overview/default.aspx
Company Research
Source: GlobeNewswire
OTTAWA, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Telesat Canada (“Telesat”) today announced its financial results for the three and six-month periods ended June 30, 2018. All amounts are in Canadian dollars and reported under International Financial Reporting Standards (“IFRS”) unless otherwise noted. For the quarter ended June 30, 2018, Telesat reported consolidated revenues of $212 million, compared to $226 million in the same period in 2017. During the quarter, the U.S. dollar was approximately 4% weaker against the Canadian dollar than it was during the second quarter of 2017 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 decreased by 4% ($8 million) compared to the same period in 2017. Operating expenses of $36 million for the quarter were 18% ($8 million) lower than the same period in 2017, or 16% ($7 million) lower excluding the impact of changes in foreign exc
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