results for its first full year of operation.

Revenue for the whole year of 1998 was $26.72 million, an increase of $21.76 million on the $4.91 million revenue achieved from its set-up in May 1997 to the end of that year.

Net loss for 1998 dropped to $4.92 million from $5.29 million in the previous year. GlobeNet, through its subsidiary TeleBermuda International Limited, provides a full range of international telecommunications services in Bermuda through use of its undersea fibre-optic cable system links to the US.

TeleBermuda International Limited now carries over a third of all traffic generated in Bermuda.

The company released a statement with the results that it was rapidly establishing the necessary infrastructure to position Bermuda as a premier offshore location for supporting the explosive growth in e-commerce.

GlobeNet's basic and fully diluted loss per common share decreased to $1.40 in 1998 from $1.51 in 1997.

Chairman and chief executive officer Mike Kedar said the company had achieved significant growth since it was set up.

"GlobeNet continues to provide high quality, competitively priced telecommunications services in Bermuda, which is reflected in our growth in revenue and market share over last year.

"The company is continuing to introduce new products and services as carrier costs are reduced with a goal of increasing revenues and improving bottom line performance.'' GlobeNet trades on the Bermuda Stock Exchange as GLOCOM.