OTTAWA – For the year ended December 31, 2020, satellite operator Telesat reported consolidated revenue of $820 million, a decrease of 10% compared to 2019.
“The revenue decrease was due to lower short-term services provided to other satellite operators, a reduction of service for a broadcast customer, the completion of the non-cash amortization of a significant financing component of an agreement, and the impact of the Covid-19 pandemic, particularly on customers serving the aeronautical and maritime markets,” reads the explanation in the press release.
Operating expenses in 2020 were $181 million, an increase of 9% over the prior year. That was due to “higher bad debt expense related to customers impacted by the Covid-19 pandemic, higher professional fees related to Telesat’s proposed roll-up transaction, higher in-orbit insurance expense, and higher wages due principally to increased headcount to support the development of the Telesat Lightspeed Low Earth Orbit (LEO) satellite constellation,” reads the release.
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