OTTAWA - Foreign exchange rates weighed down first quarter revenues at Telesat, but profits bounded back to the black.For the quarter ended March 31, 2016, the global satellite operator reported net income of $237 million compared to a net loss of $154 million year-over-year. The company said that the $391 million difference was principally the result of a mainly non-cash gain on foreign exchange arising from the translation of its U.S. dollar denominated debt into Canadian dollars, partially offset by unfavorable changes in the fair value of financial instruments, and by higher interest expense in the first quarter of 2016.Consolidated revenues of $235 million...
