Global Crossing: top and bottom lines hurt

17 Mar 2005

For the year ending 31 December 2004 Global Crossing has reported a 10% decline in sales to USD24.9 billion, and issued a warning that sales could shrink by as much as 28% in 2005 as it exits less profitable parts of its business. The company reported a net loss of USD28 million for the fourth quarter, compared to a profit of USD24.9 billion a year ago. The latter amount was artificially high because of accounting measures relating to the company’s emergence from bankruptcy protection in late 2003.