Telesat cuts losses, but ends Q1 in the red

OTTAWA – Despite an 11% uptick in revenue, Telesat ended its first quarter of 2014 with a loss.The global satellite operator reported a net loss of $28 million for the quarter ended March 31, 2014, compared to a net loss of $97 million for the same quarter last year. Results were positively impacted by improved operating income and lower interest expense in 2014, partially offset by a non-cash loss on foreign exchange arising from the translation of Telesat’s U.S. dollar denominated debt into Canadian dollars and higher tax expense. The first quarter of 2013 also included a loss on changes...