Global Crossing Ltd. said Tuesday its London-based subsidiary made a profit in the third quarter, reversing a year-earlier loss, as foreign currency exchange rates swung in the company's favor.
The subsidiary, Global Crossing Telecommunications, earned 3.3 million pounds ($5.2 million), compared with a loss of 1.6 million pounds in the same quarter of 2009.
The gain in profits came primarily from the effect of exchange rates on company debt held in U.S. dollars.
Revenue edged up to 75.3 million pounds ($118.7 million) from 74.8 million pounds.
Shares of Bermuda-based Global Crossing Ltd. rose 14 cents to $13.98 in midday trading.
© Copyright 2010 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Waiting for Twitter to feed in the latest...