Telesat reports $187 million profit in second quarter

Canadian satellite provider Telesat recorded a profit in the quarterending June 30, due in part to a $192 million gain on foreign exchange.

Telesat, which lost $822 million last year,had net earnings of $187 million during the most recent quarter, onrevenues of $201 million. For the six months ending June 30, it earned$147 million on revenues of $405 million.

Telesat, a former Bell Canada Enterprises subsidiary, is nowprivately held. Its principal shareholders are Loral Space andCommunications Inc. and the Canadian Pension Plan Investment Board

The company said its revenue increase (from $169 million during thesecond quarter of 2008) was due in part to the rise in the U.S. dollar.

Last month Telesat completed the sale of its interests in Telstar 10 to APT Satellite Co. Ltd.

The company’s largest satellite is the Anik F2, which was launched in 2004.

Last February it launched the T11N satellite, which provides serviceover most of the Atlantic Ocean. It plans to launch the Nimiq 5television satellite, which will be used by Bell Canada, later thisyear.

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