Telesat revenue up five per cent in 2014 Q2

Telesat Holdings reported revenues of $226 million for the quarter ending June 30, the company announced Thursday.

“I am pleased with our performance in the second quarter of 2014,” company president and CEO Dan Goldberg said in a statement. “Anticipated demand for satellite services positions us well to expand our activities going forward.”

The Ottawa-based satellite services company credited the increased revenue to the introduction of the Anik G1 satellite, which hit the market last May.

The company’s net income was $108 million, up from $15 million in the same quarter last year. Telesat attributed the rise to the weakening U.S. dollar, adding higher revenues and lower operating expenses also contributed to the increase.

Operating expenses came in at $46 million, or six per cent lower than the same quarter last year. The company said half of this decrease was due to a drop in share-based compensation expenses related to stock options granted during last year’s second quarter.