After 22 months in Chapter 11 bankruptcy protection, Global Crossing Holdings has posted revenue only slightly down on the previous year and recorded a considerable increase in traffic over its worldwide network.
For the financial year ending 31 December 2003, Global Crossing posted revenue of $2.93bn, 6% down from the $3.11bn reported in 2002.
Revenue for the year was affected by the company's extended period in bankruptcy and by downward pricing pressure, Global Crossing said.
The company posted a net loss of $106m for the year but added to its balance sheet a one-time net gain of $24.84bn related to the company's reorganisation.
During the year, Global Crossing saw its internet protocol traffic grow by more than 130%, from more than 29Gbps to 68Gbps and recorded a total of 18 billion minutes on its VoIP platform, one of the largest in the world, up from eight billion in 2002.
Global Crossing, which operates a worldwide fibre-optic network, emerged from bankruptcy proceedings in December 2003, after Singapore Technologies Telemedia paid $250m to acquire 61.5% of the company.
David Legard writes for IDG News Service