Briefing

Foreign exchange hammers Telesat

The Ottawa-based satellite company reported a net loss of nearly $4.4 million in its second quarter, after booking a $53-million profit in the same quarter in 2021. Revenue was down but so were expenses, producing stronger operating income—more than $77 million in the quarter. But Telesat lost nearly $99 million due to currency exchange rates (particularly a stronger U.S. dollar), after recording nearly $41 million in foreign-exchange benefits in the second quarter of 2021. (The Logic)

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