Asia Global Crossing, which was spun off as a public company recently, announced its first set of quarterly results this week.

The company, which trades on the Nasdaq stock exchange, reported an operating profit of $9 million on revenue of $57 million for the three months to September 30. Third quarter reported Revenue totalled $21.8 million and the net loss was $23.3 million.

For the nine months ended September 30, 2000, the company reported pro forma Proportionate Cash Revenue of $208.6 million and pro forma Proportionate Adjusted EBITDA of $86.6 million. Reported Revenue for the nine month period was $130.5 million and the net loss was $54.8 million.

Pro forma results include ownership interests in Hutchison Global Crossing and Global Access Limited which were transferred to Asia Global Crossing at the closing of its initial public offering. "Asia Global Crossing is rapidly executing its business plan to develop and sell advanced telecommunications services over the first pan-Asian network,'' John Legere, chief executive officer of Asia Global Crossing, was quoted as saying in a statement.

"Our solid sales reflect the growing demand for bandwidth and related services in the Asian region.

"Demand for bandwidth in Asia continues to accelerate and is growing at more than 75 percent per year, driven by deregulation and the growth of the Internet and corporate data traffic.

"In addition, Asia Global Crossing is benefiting from being the clear first mover in this space. We are the only independent pan-Asian provider today that has operational assets, product offerings, and a solid customer base.

"Approximately 50 percent of our network is completed and our future business plans are fully funded. All key subsea and backhaul systems, which will take our customers city-to-city, not just shore-to-shore, are expected to be completed during 2001 for Hong Kong, Japan, Korea, Singapore and Taiwan. As we finalise joint ventures with leading companies in the region, we are also progressing very rapidly in obtaining necessary landing rights and securing essential rights-of-way.''