07:56 AM EDT, 08/14/2024 (MT Newswires) -- Telesat ( TSAT ) on Wednesday reported lower second-quarter profit and revenue in part due to a loss associated with foreign exchange rates on the value of its US dollar denominated debt.

The company, one of the world's largest satellite operators, said net income fell to $129 million or $2.45 per diluted share, from $519 million or $10.05 per diluted share, last year.

Consolidated revenue fell 15% to $152 million, in line with the company's expectations. The decrease was due to fewer services and lower renewal rate of a long-term agreement with a North American direct-to-home television customer and lower revenue from certain mobility and Latin American customers.

For 2024, Telesat ( TSAT ) continues to expect full year revenue to be between $545 million and $565 million.

"I am pleased with our financial and operating performance for the second quarter," said CEO Dan Goldberg. "We remain on track to meet our 2024 guidance and, as a result of our continued disciplined execution, delivered industry-leading Adjusted EBITDA margins, high capacity utilization, a substantial contractual backlog of $1.1 billion, and a cash balance of $1.4 billion."

Telesat ( TSAT ) is up US$0.08, to US$8.45 in U.S. premarket trade.