Satellite operator Telesat jumps on profit vs yr-ago loss, MDA deal

MDA Space

11/08/2023 16:23

** Shares of U.S.-listed satellite operator Telesat Corp
 TSAT.O  leap 50% to $12.58 to hit over one-year high
    ** Co reports Q2 net profit of $520 mln vs net loss of $4
mln a year earlier, citing recognition of C-band clearing
proceeds in the qtr  urn:newsml:reuters.com:*:nGNX8t19Z2
    ** Separately, Telesat says MDA Ltd  MDA.TO  will build 198
satellites for TSAT's Lightspeed low earth orbit program at
$1.56 bln urn:newsml:reuters.com:*:nL4N39S1S9
    ** Co says the MDA deal helps save $2 bln on Lightspeed
project, for which it had set aside $3.5 bln
    ** TSAT reiterates FY Rev guidance at $690 mln-$710 mln
    ** Shares of space technology co MDA Ltd  MDA.TO  also jump
up 23.3% to $10.4
    ** Shares of TSAT.O up 64.9% YTD

 (Reporting by Vedant Vinayak Vichare in Bengaluru)
 ((vedant.vinayakvichare@thomsonreuters.com))