Profits fall amidst stable revenues at Telesat

OTTAWA – The struggling Canadian dollar weighed heavily on Telesat’s year-end results, which saw 2014 profits plunge $55 million from the year prior.For the year ended December 31, 2014, the global satellite operator reported net income of $13 million, compared to net income of $68 million for 2013, which it said was primarily due to a larger non-cash loss on foreign exchange and reduced gains on financial instruments in 2014. Increased revenue, lower operating expenses and lower interest expense mitigated, in part, the impact of the foreign exchange loss on net income. Consolidated revenues of $923 million increased 3% from $897...