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Global Crossing loss widens to $90 million

DALLAS (Bloomberg) — Global Crossing Ltd., whose fibre-optic network customers include the US Air Force, said its fourth-quarter loss widened because of a tax provision. A jump in Internet traffic helped sales beat analysts' estimates.The net loss expanded to $90 million from $79 million a year earlier, the Hamilton, Bermuda-based company said yesterday in a statement. Sales rose 5.6 percent to $488 million, beating the average $480.3 million estimate of three analysts surveyed by Bloomberg.

Global Crossing, which hasn't reported a profit since it emerged from bankruptcy protection in 2003, increased sales as it won more contracts to deliver phone calls and data over an Internet-based network. Engineering and architectural firm Carter & Burgess was among customers that signed up for service, Global Crossing said.

The company forecast 2007 sales of $2.17 billion to $2.25 billion, ahead of the $2.08 billion estimate in the Bloomberg survey.

Funds set aside to cover income taxes increased to $40 million in the fourth quarter from $19 million. Earnings before interest, taxes, depreciation and amortisation were $6 million, compared with a loss of $32 million a year earlier.

Shares of Global Crossing fell 56 cents, or 2.1 percent, to $26.11 yesterday in Nasdaq Stock Market trading. They have gained 45 percent in the past year.