OTTAWA – Telesat reported a boost in sales, EBIDTA and income in the second quarter of 2019, ended June 30th.
The satellite company reported consolidated revenues of $231 million, an increase of 9% compared to the same period in 2018, and was helped along by the impact of foreign exchange rate changes. However, most of the increase was due to higher revenue related to the Telstar 19 Vantage and Telstar 18 Vantage satellites, which entered into commercial service in August 2018 and October 2018, respectively, combined with an increase from short-term services provided to other satellite operators, reads the company press release.
Operating expenses of $38 million for the quarter were 5% higher than the same period in 2018, primarily related to higher cost of sales. Adjusted EBITDA for the quarter was $197 million; an increase of 10%.
Telesat’s net income for the quarter was $135 million compared to a net loss of $6 million for the quarter ended June 30, 2018. The $142 million difference was the result of a higher non-cash gain on foreign exchange arising principally from the translation of Telesat’s U.S. dollar denominated debt into Canadian dollars, gains on financial instruments, and higher operating income in the second quarter of 2019, reads the release.
