Telesat loses on strength of dollar

Telesat-cropped.JPGOTTAWA – Telesat Holdings Inc. finds itself $822.4 million in the red at the close of fiscal 2008, a sharp decline from last year when the company made $126.5 million in profit. The satellite services company blames the reversal on fluctuations in the loonie and other one-time charges. Operating revenues were stable, inching up to $711.4 million from $705.1 million a year earlier. “Telesat achieved all of its key financial and operating objectives in 2008, and as a result, I am very pleased with our performance for the year,” says CEO Dan Goldberg, adding that the company’s $5.2- billion order backlog and new satellite programs bode for a strong coming year, despite the bleak economy.

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