Ltd. (NasdaqNM:GBLX - news) yesterday posted a smaller-than-expected first-quarter loss as revenues increased five percent over the fourth quarter.

The Hamilton, Bermuda-based Global Crossing's first quarter loss was $279.4 million, or 36 cents a share, compared with a loss of $151.7 million, or 20 cents, in the fourth quarter.

The company did not provide year-ago figures.

Results were better than the loss of 43 cents a share expected by Wall Street, according to research firm First Call /Thomson Financial.

Revenues were $1.12 billion, up 5 percent from the fourth quarter, as telecommunications revenues rose 7 percent to $860 million.

Local telephone operations, which Global Crossing acquired when it bought Frontier Corp. last year, had revenues of $187 million, essentially unchanged from the fourth quarter.

Global Crossing CEO Leo Hindery said on Monday it may sell the local business, a move which has been widely expected.

Global Crossing is building undersea and international fibre-optic communications networks. It sells capacity on those networks to other telecommunications service providers and large corporations.

CEO Leo Hindery