NEW YORK (Bloomberg) ? Intelsat Ltd., the world?s biggest commercial-satellite operator, reported a narrower second-quarter loss and said its combination with PanAmSat Holding Corp. is on schedule.

The net loss shrank to $42.7 million from $53.4 million a year earlier, closely held Intelsat said in a statement today. Revenue rose to $310.5 million from $289.8 million. Results don?t include the company?s July 3 acquisition of PanAmSat.

Intelsat plans to cut its workforce to 1,000 by mid-2008 from 1,350 at the close of the PanAmSat purchase, the Pembroke, Bermuda-based company said.

With PanAmSat, Intelsat added customers including Time Warner Inc. and News Corp. and boosted its number of satellites to 51, ahead of SES Global SA?s 43.

Job cuts and facility closures, to be completed by mid-2007, will help Intelsat save $92 million annually by the end of 2008, the company said. Intelsat also said it expects one-time costs of $180 million connected with the acquisition, with half incurred in the second half of 2006 and the balance in 2007.

Intelsat is owned by private-equity firms Apax Partners LP, Apollo Management LP, MDP Global Investors Ltd. and Permira Advisers LLC. The purchase of Wilton, Connecticut-based PanAmSat for $25 a share was announced Aug. 29, 2005.

Intelsat took on $3.2 billion in debt in the transaction that combined the second- and third-largest satellite operators.