AOL Time Warner has recorded net losses of €2.08bn billion for the fourth quarter of 2001.
The media and Internet company was hit by declining advertising revenues and the US economic slowdown.
AOL was also hit by a €1.9bn billion write-down of investments, as well as costs related to the merger of internet service provider AOL with Time Warner.
The fourth-quarter loss compares with a net loss of £779 million in the same period a year earlier.
