Foreign exchange shifts lift Q3 profits at Telesat

OTTAWA – Despite a 7% drop in revenue, Telesat's preliminary third quarter profits bounced back to the black.For the quarter ended September 30, 2016, Telesat said that it expects to report net income of $14.8 million compared to a net loss of $139.4 million year-over-year. The company said that the $154 million difference was principally the result of a reduction in the loss on foreign exchange partially offset by higher depreciation expense. Anticipated revenues of $224.2 million are approximately 7% ($18 million) lower compared to the same period last year. During the quarter, the U.S. dollar was approximately 1% stronger than it...