AOL Time Warner reports tough quarter

NEWS AOL Time Warner has reported a $1.8bn net loss for the fourth quarter of 2001. The loss includes $1.7bn in write-offs and costs related to the merger of the two companies. In the same period last year the company reported a net loss of $1.1bn. Revenues for the quarter were $10.6bn, an increase of four per cent on Q4 2000. The results were in line with preliminary figures announced on 7 January. Revenues for the year rose six per cent to $38.2bn, up from $36.2bn in 2000, The company said its business plan for 2002 assumes no recovery in the economy and said that revenues for the current quarter will be essentially flat compared to the corresponding quarter in 2000.