Satellite communications company Loral Space & Communications, Inc., having a 64 percent interest in Telesat Canada (LORL) Thursday reported a steep drop in profit for the fourth quarter in spite of a revenue rise, as other operating gains fell significantly, further exacerbated by a loss on foreign exchange versus a gain last year.
For the period, the company posted net income of C$56.02 million, down from C$241.81 million last year.
Revenue however, increased to C$228.09 million from C$204.73 million last year, driven in part by Nimiq 6 and the Canadian payload on ViaSat-1.
The company enjoyed other operating gains of C$6.02 million compared with C$114.91 million last year.
Also, the firm reported loss on foreign exchange of C$19.77 million versus a gain of C$78.47 million last year.
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