Loral Space posts 2Q loss on exchange rates

Satellite manufacturer Loral Space & Communications Inc. posted a net loss during the second quarter, citing changes in foreign exchange rates at its Canadian business.
 


 
During the three months ended June 30, the company lost $19.7 million, or 66 cents per share. That compares with a profit of $74.3 million, or $2.48 cents per share, in the same quarter last year.
 
The company, which reported its results after the market close on Mon Monday, blamed the loss on a foreign exchange loss totaling $93 million tied to U.S.-denominated debt at Telesat Canada, a telecommunications operator in which Loral owns a 64 percent stake.
 
Revenue rose 3 percent to $280 million.
 
Shares fell 63 cents to $49.64 in afternoon trading on Tuesday. They have traded between $19.27 and $50.83 in the last 52 weeks.