[3/19/07] Loral Space & Communications Inc. cut its net loss to $23 million in 2006, as revenues improved 27 percent to $797 million, the company announced March 15. In 2005, the company lost $74 million on revenues of $626 million. Loral emerged from bankruptcy in November 2005.

Loral credited the improvements to a strong performance at satellite manufacturing unit, Space Systems/Loral (SS/L) as well as continued steady performance at Loral Skynet, the company’s Fixed Satellite Services business.

SS/L reported revenues of $697 million in 2006, compared to $491 million in 2005. Operating profit more than doubled from $27 million in 2005 to $66 million in 2006. SS/L won seven contracts in 2006, and the manufacturing unit’s backlog stood at $1.1 billion at the end of 2006, up from $815 million at the end of 2005.

Loral Skynet had 2006 revenues of $164 million, up from $152 million in 2005. The gains were attributed primarily to $10 million of one-time items in the third quarter. Operating profit grew from $51 million in 2005 to $68 million in 2006.

Fleet utilization stood at 68 percent at the end of 2006, and the unit’s s backlog was $355 million at the end of the year, down from $453 million at the end of 2005. The backlog was hurt by the third quarter cancellation of a $37 million contract to provide capacity for the Connexion by Boeing service.