MUMBAI, India--(BUSINESS WIRE)--Global Cloud Xchange (GCX), a subsidiary of Reliance Communications, today announced its financial performance is on track per guidance for Financial Year 2018-19 (FY19).
During a call this week with bond investors, the company revealed strong cash flow in Q3 FY19 at an increase of 55% over same quarter a year ago. In addition, GCX’s IFRS EBITDA, less IRU revenue from deferred and one-off, has increased by 17% in the quarter as compared to Q3 FY18.
“Our GCX business continues to operate at industry benchmarked levels for growth and profitability, despite the overhang of our parent company, Reliance Communications’ (RCOM) restructuring,” said Bill Barney, Chairman and CEO, GCX. “Our strong cash flow in FY19 reduces GCX’s refinancing risks as our $350M 7.00% Senior Secured Notes come to maturity in July 2019.”
As the maturity of the bonds remains a priority for GCX, the company has retained Lazard as financial adviser to evaluate refinancing options for the company and ensure that the upcoming maturity is addressed on competitive terms as soon as possible.
About Global Cloud Xchange
Global Cloud Xchange (GCX), a subsidiary of Reliance Communications, offers a comprehensive portfolio of solutions customized for carriers, enterprises and new media companies. GCX owns the world’s largest private undersea cable system spanning more than 68,000 route kms which, seamlessly integrated with Reliance Communications’ 200,000 route kms of domestic optic fiber backbone, provides a robust Global Service Delivery Platform. With connections to 40 key business markets worldwide spanning Asia, North America, Europe and the Middle East, GCX delivers Managed Services to more than 160 countries and offer extensive VPLS-enabled Ethernet network capabilities globally. GCX is equipped to support businesses through the deployment of next generation Enterprise solutions across its Cloud Delivery Networks. www.globalcloudxchange.com.
