Losses Mount at Terra Lycos

28 February 2003

Spanish-headquartered US-European internet group Terra Lycos saw losses more than treble last year.

The group reported a net loss of €2.01 billion ($2.17bn; £1.37bn) for 2002 – far wider than the €566.3 million shortfall the year before – after taking a €1.43bn write-down related to Terra’s acquisition of US firm Lycos in 2000.

Sales, hit by weakness in the online ad sector, dropped 7.4% to €153.7m, while EBITDA (earnings before interest, tax, depreciation and amortization) rose from a loss of €42m in 2001 to a deficit of €20.6m.

Data sourced from: The Wall Street Journal Online; additional content by WARC staff