yesterday as expenses more than tripled due to investments to transform itself into a network service provider.

The net loss in the quarter ending Sept 30, including non-cash, stock-based compensation expense of $53 million, was $51 million, or six cents a share. It made a net profit of $3 million in the same quarter of 1999 when the company, which owns TeleBermuda International, was still privately held.

Vancouver-based 360networks, which was known as Worldwide Fibre until it went public on US and Canadian stock exchanges in April, said revenue increased to a record $119 million from $111 million during the same quarter last year.

"We posted record third quarter revenues, and continue to see strong sales of both network services and existing fiber infrastructure moving into our forward order book,'' chief financial officer Larry Olsen said in a news release.

The company said it had sales, general and administrative expenses of $20 million -- up from $6 million in the same quarter last year -- as it moved to "accelerate the transition to being a provider of network services''.

The company's share on the Toronto Exchanged closed down ten Canadian cents at C$24.30 per share Wednesday before the results were released. They have ranged between C$20.50 and C$35.50 since it went public.

The company's shares on NASDAQ closed up $1/4 at $15 3/4 per share yesterday.

They have ranged between $13 12/16 and $24 3/16 since the IPO of $14 per share.