Global Crossing Ltd. yesterday revealed that its first quarter loss had almost doubled, but the communications company still exceeded analysts expectations.

Bermuda-based Global Crossing said it had shrugged off the economic slowdown in the first quarter with a 39 percent increase in cash revenues. It said the high cost of building its undersea and land-based communications networks was offset the rising sales in data services.

Chief executive officer Tom Casey said the company would also meet Wall Street's expectations in the second quarter, despite signs that some customers had delayed big telecommunications contracts due to economic uncertainty.

"A number of people have cancelled systems,'' said Mr. Casey, adding this had been offset by new contracts from companies that believed Global Crossing was a more stable carrier than some rivals that had yet to fully finance their business plans.

He said: "We continue to see the demand for the products and services that we're selling.'' Global Crossing, which is building a high-speed fiber-optic communications network that will serve 27 countries and more than 200 major cities, reported a net loss applicable to common shareholders widened to $675.4 million, or 76 cents a share, from a loss of $348.1 million, or 45 cents a share, in the same period last year.

Global Crossing also reaffirmed its previously announced plans for capital expenditures of about $10 billion for 2000-2001. Many telecommunications firms have delayed or curtailed their capital spending amid the economic slowdown.

The company also said it had increased revenues from commercial customers, as opposed to other carriers, by seven percent from the fourth quarter of last year. The company said this shift has become an important one as the company seeks to base its revenues on higher-margin corporate customers.

Global Crossing, one of the first companies to create its own wholesale global voice and data communications network, reports revenues on a cash basis, reflecting all the money received on long-term agreements to sell capacity.

Using this calcultion, revenues were $1.613 billion.

Earnings before interest, taxes, depreciation and amortisation rose 43 per cent to $441 million, in line with forecasts.

Global Crossing said its recurring net loss widened to $608 million, or 69 cents a share, compared with a loss of $270 million, or 35 cents per share, a year ago.

Analysts had expected the company to post a loss in the range of 69 cents to $1.03 a share, with a consensus of 88 cents, according to Thomson Financial/First Call.

The company's stock rose four cents to close at $14.35 on the New York Stock Exchange where it was the ninth most active stock.