Canada’s Telesat profits rise
February 23, 2012
By Chris Forrester
Canadian satellite operator Telesat (which operates the Nimiq, Anik and Telstar fleet of craft) saw its Q4 revenues fall back a little (about 1 percent to C$204.73 million from C$207.24 million in the same period one year previous.
Adjusted EBITDA of C$157 million for 4Q/ 2011 was unchanged. Net profits grew to C$241.81 million from C$123.56 million.
Telesat had contracted backlog for future services of about C$5.4 billion. Fleet utilisation was high at 91 per cent for Telesat’s North American fleet and 81 per cent for Telesat’s international fleet.
Telesat’s net income for the year was C$237 million compared to a net income of C$286 million for the prior year. The C$49 million variation in net income was primarily due to a net decrease of C$133 million in non cash items such as gains/losses on foreign exchange and changes in fair value of financial instruments. These losses were partially offset by higher operating gains due to the receipt of insurance proceeds in relation to Telstar 14R/Estrela do Sul 2, as well as lower interest and tax expenses.