Global Crossing grows 2007 revenue

Global Crossing grows 2007 revenue


Strong sales from Fibernet UK acquisition helps telco shrink losses

International telecoms provider Global Crossing grew its 2007 sales revenue by 21 per cent to £1.12bn ($2.26bn), up from £935m ($1.89bn) in 2006.

The company’s operating losses were cut from £105m ($212m) in 2006 to £70m ($141m) in 2007, though net losses remained almost flat at £151m ($306m), a 5.6 per cent improvement on the previous year.

A significant portion of the firm's revenue increase came on the back of sales growth from its acquisition of UK carrier Fibernet for £50.6m in 2006 - up 29 per cent to £283m ($572m) year on year.

Global Crossing filed for bankruptcy in 2002, but has since refocused on core wholesale telecommunications operations and financial restructuring.