[Satellite TODAY 11-07-11] Canadian satellite operator Telesat recorded a $141 million net loss during its third quarter 2011 compared with a net income of $146 million in the same period last year due to fluctuations in foreign exchange rates, according to Telesat’s latest financial results issued Nov. 4.

   Unfavorable exchange rates have haunted Telesat’s financial performance since the most recent economic recession caused fluctuations in the U.S. currency. Telesat’s debt is primarily denominated in U.S. dollars. The Canadian dollar weakened against the U.S. dollar and at the end of the third quarter of 2011, which the company said created a non-cash foreign exchange loss of $249 million. At the end of the 2010 third quarter, the Canadian dollar strengthened against the U.S. dollar, which helped Telesat generate a non-cash gain on foreign exchange of $106 million.

   Telesat President and CEO Dan Goldberg said the operator’s losses were partially offset by a non-cash gain of $74 million, adding that he was pleased with the company’s expanded EBITDA margin of 77 percent during the first nine months of the year.

   “The ViaSat-1 satellite, of which Telesat owns the Canadian payload, was successfully launched last month. Our long-term agreement with Xplornet to use ViaSat-1 will result in incremental revenue and EBITDA once the satellite enters commercial service, which we expect will take place toward the end of this year. Looking ahead, we are focused on achieving our full year 2011 objectives and on launching our Nimiq 6 and Anik G1 satellites next year,” Goldberg said in a statement.