Amazon hits profit target

NEWS Amazon has managed to fulfill its promise of making a profit in its latest financial results. The e-tailer made a net profit of $5m for the fourth quarter ended 31 December 2001, distancing itself from the huge net loss of $545m it made in the same period last year. It has also achieved the operating profit it promised last year. For the fourth quarter this figure was $15m, compared with the loss of $322m it made a year ago. Year end results are equally impressive. The company has reduced its loss from $1.4bn in 2000 to $567.3m this year. Net revenue for the quarter reached a record $1.12bn representing the company's first ever billion-dollar quarter. The figure compares with $972m in the fourth quarter of 2000, up 15 per cent. However, the company is predicting that it will make a loss for the first quarter of 2002.