Global Crossing revenue only slightly down after bankcruptcy filing

After 22 months in Chapter 11 bankruptcy protection, Global Crossing Holdings has posted revenue only slightly down on the...

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

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