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Telesat doubles earnings

OTTAWA - Telesat, the Bell Canada Enterprises-controlled satellite owner-operator, has reported a doubling of net earnings for the third quarter of 2003, ended September 30th, compared to the same period the year before.

The company reported a net income of $15.9 million for the quarter and revenue of $83.9 million, compared with Q2 2002's net earnings of $7.4 million and revenue of $77.4 million.

The company attributes its earnings growth to higher earnings from operations and foreign exchange gains partially offset by higher taxes and interest expense.

During this quarter Telesat extended its U.S. contract with Electronic Data Systems Corporation until June 2006, and secured consulting contracts with Malaysia-based Binariang Satellite Systems and Korea's KT Corporation.

Other highlights include the delivery of components for its soon-to-be-launched Anik F2 satellite and the successful insurance claim settlement following an anomaly on the Nimiq 2 satellite last February.

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