The company reported Proportionate Cash Revenue of $112.3 million in the fourth quarter, an increase of 95 percent over the third quarter. Proportionate Cash Revenue reflects Asia Global Crossing’s ownership percentage of the Cash Revenue of its subsidiaries and joint ventures. Proportionate Adjusted EBITDA, which serves as a measure of operating performance, was $49.2 million for the quarter, an increase of 447 percent over the third quarter.
Reported Revenue was $22.3 million in the fourth quarter, an increase of $0.5 million over the third quarter. Net loss was $50.4 million, or $0.09 per share, for the quarter, compared to a net loss of $38.3 million, or $0.08 per share, for the previous quarter after restatement.
Demand for Internet connectivity and telecommunications services is growing faster in Asia than anywhere else in the world, said John Legere, president and chief executive officer of Asia Global Crossing. Asia Global Crossing is meeting this demand by providing the telecommunications infrastructure and services linking the countries in Asia to each other and to the rest of the world.
Legere continued, In 2000, our first full year of operations, we made considerable progress toward linking all of the major business centers in Asia with subsea and terrestrial cables. With the exception of Malaysia where we are currently in discussions, we now have signed joint venture agreements with significant partners for all the necessary subsea and terrestrial connections for our pan-Asian network. The completion of this network promises to deliver a variety of advanced telecommunications services to meet rapidly growing bandwidth demand in Asia.
For the year, Proportionate Cash Revenue was $321.8 million and Proportionate Adjusted EBITDA was $135.9 million.
Reported Revenue was $153.6 million for the year. Net loss was $105.2 million, or $0.21 per share, before restatement of the first through third quarters to reflect the contribution of the company’s joint ventures, Global Access Limited (GAL) and Hutchison Global Crossing (HGC), at the time of Asia Global Crossing’s IPO. After restatement, net loss was $146.9 million, or $0.29 per share.
