In line with expectations it issued all of three weeks ago [WAMN: 08-Jan-02], AOL Time Warner posted a widening Q4 net loss of $1.82 billion, compared with $1.09bn a year earlier.
Hit by the ad downturn, which has taken a particularly hard toll on the America Online internet division, the group said revenues had sneaked up 4%, from $10.23bn in Q4 2000 to $10.63bn. EBITDA (earnings before interest, taxes, depreciation and amortization) rose 13% to $2.72bn following the success of the Harry Potter and Lord of the Rings films.
For the whole of 2001, AOL TW posted EBITDA of $9.65bn and revenues of $38.23bn, below ambitious targets set last year and abandoned after September 11 [WAMN: 25-Sep-01].
The group warned it does not expect any economic recovery in 2002.
News source: Wall Street Journal