Hamilton, Bermuda-based Global Crossing Ltd. (GLBC) announced Thursday first-quarter results for its subsidiary, Global Crossing UK Telecommunications Ltd., a provider of managed telecommunications services, which reported a loss that reflected higher equipment and professional services costs.
Net loss for the first quarter was GBP 2.19 million, compared to profit of GBP 807 thousand in the previous year. Revenues for the quarter slightly grew to GBP 78.59 million from GBP 78.40 million in the comparable quarter a year ago.
Sequentially, revenues decreased 4%, mainly due to the remaining attrition of the Camelot contract, partially offset by continued growth in enterprise, carrier data and indirect channel services. Cost of revenue increased to GBP 52.24 million from GBP 50.08 million in the earlier year. The company noted that the year-over-year increase was due to higher equipment and professional services costs during the period.
Finance charges were GBP 10.3 million, compared to GBP 8.73 million last year. Total operating expenses rose to GBP 71.71 million from GBP 69.65 million in the prior year.
GLBC closed Wednesday's regular trading at $9.56 on the Nasdaq.
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