OTTAWA – While Telesat‘s revenue and EBITDA are up from the previous quarter by $2 million and $6 million respectively, the company still reported a net loss in the third quarter today.
The net loss for the nine months ended September 30, 2008 was $151 million, and for the most recent quarter, $62 million, driven primarily by “interest expense on the debt and non-cash, unrealized foreign exchange losses related to the company’s U.S.-dollar denominated debt”, the company press release said.
"I am very pleased with Telesat’s performance in the third quarter, particularly with respect to the successful launch of the Nimiq 4 satellite and the steady improvement in our EBITDA and EBITDA margin. The business is performing very much consistent with our expectations and our industry leading backlog provides high visibility into our future performance", said company president and CEO Dan Goldberg.
Telesat launched Nimiq 4 on September 20, and it began operations on October 11 for Bell TV.
