Loral Space & Communications Inc.’s revenues reached $221 million in the 2007 first quarter, up 28 percent from the first quarter of 2006, the company announced May 8.

Loral credited the gains to a 44 percent increase, to $200 million, in revenues at its Space Systems/Loral satellite manufacturing unit.

Loral reported a net loss of $17 million in the 2007 first quarter, which closed March 31. In the first three months of 2006, Loral lost $16 million.

Loral Skynet, Loral’s satellite services unit, reported first quarter 2007 revenues of $34 million, down slightly from $36 million reported in the first quarter of 2006. Capacity utilization on Loral’s satellite fleet at the end of the 2007 first quarter was 72 percent.

Loral continues to expect to close the acquisition of satellite operator Telesat Canada by the end of the summer. The unit will be combined with the Loral Skynet operations under the name Telesat.