Telesat Canada Reports Third-Quarter Earnings of $19.8 Million

6:30 am on November 3, 2006 | Category: Business, Corporate, Wireless Technology

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BCE Inc.’s satellite communications division, Telesat Canada, has reported a sharp decline in its third-quarter profit, due to what it describes as high operating and amortization costs.

The company’s profit fell to $19.8 million, or 22% lower than the third quarter of last year. Excluding a number of one-time items, however, profit was only down by 2%.

These unique expenses include special compensation packages for the company’s president and CEO, Daniel Goldberg, as well as for his predecessor, Larry Boisvert, who left Telesat’s presidential chair after 13 years of service.

A wholly-owned subsidiary of Bell Canada Enterprises, Telesat is currently the world’s fifth-largest commercial satellite operator. It is set to become a publicly traded company sometime next year, and apparently won’t be affected by the Canadian government’s plans to change tax laws on income trusts.

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    Edited by Jeremy Maddock