Three-month TSX trading in Canadian Satellite Radio

Canadian Satellite Radio Holdings Inc. reported a bigger third-quarter loss than in 2007 even though third quarter revenue in 2008 nearly doubled.

A currency adjustment caused the higher loss on more revenue. In 2007, the loss was reduced by a $6.3 million foreign exchange gain. This year, the operator of the XM radio network reported an $803,000 foreign exchange loss.

XM said Thursday that the loss for the three months ended May 31 was $18.8 million (39 cents a share), compared with $13.3 million (28 cents a share) a year earlier.

Revenue was $10.3 million, compared with $5.7 million.

The company said revenue was up as subscribers paid an average of $11.99 a month this year, compared with $11.70 in the third quarter of 2007. The company said more of its paying subscribers are on a new rate of $14.99 a month, up from the previous rate of $12.99.

The subscriber base was 439,900, up 58 per cent, while "self-paying subscribers" rose 84 per cent to 280,400. In contrast to those subscribers, some listeners receive the service as part of a new car package.

Canadian Satellite said it generated $159,457 cash in the quarter, compared with consuming $8.1 million cash in the 2007 quarter.

Loss for the nine months ended May 31 was $52.7 million ($1.10 a share), compared with $64.3 million ($1.35 a share) a year earlier.

Revenue was $27.7 million, compared with $14.4 million.