Loral Posts Second Quarter Profit
[Satellite Today 08-12-08] Loral reported revenues of $208.1 million in the 2008 second quarter, down from revenues of $226 million in the same period in 2007, the company announced Aug. 11. The company posted a profit of $52 million, up from $20.6 million in the same period due to a $64 million in one-time gains.
Space Systems/Loral, the satellite manufacturing segment, reported revenues of $210.1 million, equal to revenues in the 2007 second quarter. Segment earnings before interest, taxes, depreciation and amortization slipped from $12.8 million a year ago to $10.2 million in the most recent quarter.
Telesat, created by the October merger of Telesat Canada and Loral’s satellite services operations, posted a profit of 12 million Canadian dollars ($11.3 million) in the 2008 second quarter, rebounding from a loss in the first three months of 2008, Telesat reported Aug. 11.
Telesat posted revenues of 170 million Canadian dollars ($159.4 million) in the second quarter, a 5 percent increase over revenues in the 2008 first quarter. Earnings before interest, taxes, depreciation and amortization improved from 97 million Canadian dollars ($90.4 million) to 104 million Canadian dollars ($97.5 million) over the same period. Telesat credited the improvements to sales increases in all business units and cost savings from the synergy plan.