Bermuda-based telecommunications upstart Global Crossing rang up second-quarter losses, but a big jump in sales improved the company's bottom line.

The results posted yesterday showed the three-year-old carrier's loss for the quarter was just $4.2 million or 1 cent a share, from $193 million or 58 cents a share in the red one year earlier.

Last month Global Crossing -- which is building a global undersea network to provide high-speed data and Internet access -- lost its bidding war for long distance carrier US West to rival Qwest Communications.

But most aspects of the results announced yesterday for the quarter ended June 30 lived up to analysts' expectations -- even outstripping the pundits' prediction of revenue for the company.

Global Crossing managed to pull in revenues of $190 million, 88 percent higher than the same quarter the previous year when revenue was $101 million.

Shares in the company closed down in value yesterday at just $38.13 after peaking at $41, which is still well under their 52-week high of $64.25.

Global Crossing CEO Bob Annunziata said the strong revenues in the Atlantic market showed the steadily growing demand for bandwidth.

And he said customers were signing up well before the undersea networks were operational.

"We're also seeing growing sales on our other systems around the world, months in advance of their in-service dates, another indicator of future demand.

"And after we close the Frontier merger, we'll be able to bring their products to the world, over our global network.'' He revealed that the company increased its customer base by 29 percent in the first half of this year and that 38 percent of its current customers were repeat buyers of wholesale capacity on the network.

Progress in the company's much-hyped plans to merge with Frontier was also updated with the results.

It said that the merger was barrelling ahead with completion either this quarter or the next.

And the aborted proposal for Global Crossing to merge with US West landed the Bermuda-based company a termination fee of $140 million in cash along with the return of 2.2 million shares of common stock from US West.