Photo Credit: Telesat
Telesat’s first quarter results as it moves forward with plans for its Lightspeed constellation.
On Friday, Telesat reported $190 million Canadian dollars ($157 million) in Q1 revenue, down 9% compared to the same quarter in 2020. The Canadian operator cited the pandemic’s impact on customers serving commercial airline and cruise industries, along with changes to foreign exchange rate for the decrease.
Net income, however, was up 115% over the same time last year. Q1 net income of CA$42 million ($34.7 million) was a boost from a net loss of CA$278 million ($229 million) in Q1 2020 because of non-cash gains on foreign exchange arising because Telesat translated its U.S. dollar denominated debt into Canadian dollars in the first quarter of 2021.