Telesat chief executive Dan Goldberg. (Darren Brown, OBJ)

Satellite company Telesat Holdings Inc. reported a profit in its second quarter, as the firm's operating revenues remained stable due to its successful cost-saving progam.

The Ottawa-based company said it had net income of $12.4 million during the period, down from the $41.6-million profit seen a year earlier, although the numbers are not directly comparable since the firm was only completely spun off from BCE Inc. in August 2007.

Telesat's net income was an improvement from its first-quarter loss of $101.4 million, a gain which it attributed to sales increases in all business units and cost savings from its synergy plan. Operating costs were flat quarter-over-quarter at $65.5 million.

As well, operating revenues were $169.5 million, up from $162.7 million in the previous quarter and from $161.4 million a year earlier.

"We are executing well both with respect to our top-line results and controlling our expenses, including delivering on our synergy plan," said Telesat CEO Dan Goldberg in a statement.