Foreign exchange fluctuations flatten Q1 revenues at Telesat
OTTAWA – Telesat posted flat revenues and a steep drop in profits for its first quarter of 2017, the company said Thursday.For the period ended March 31, 2017, Telesat reported consolidated revenues of $235 million, unchanged from the same period in 2016. During the quarter, the U.S. dollar was approximately 4% 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 1% ($3 million) year-over-year.Telesat’s net income for the...
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