08:09 AM EST, 11/14/2024 (MT Newswires) -- Telesat ( TSAT ) , a global satellite operator, on Thursday said it swung to a third-quarter profit due to foreign exchange impacts, despite lower revenue.

Net income of $68 million or $1.23 per diluted share, compares with a net loss of $4 million or $0.08 per diluted share, last year. The difference was due to a foreign exchange gain on Telesat's ( TSAT ) U.S. dollar denominated debt, compared with a loss in the same period last year.

Consolidated revenue decreased 21% to $138 million, primarily due to fewer services and a lower renewal rate of a long-term agreement with a North American direct-to-home television customer, the company said.

For the full year, Telesat ( TSAT ) expects revenues to be toward the upper end of the guidance range of between $545 million and $565 million.