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IN BRIEF/ Entertainment

AOL Latin America Has Biggest 1-Day Decline

March 12, 2002|Bloomberg News

Shares in AOL Latin America had their biggest one-day decline in four months after just one of the controlling partners put up cash to continue funding the unprofitable Internet service provider.

Shares in the Fort Lauderdale, Fla.-based company fell 13% to $2.64, 10 cents above its all-time low.

AOL Time Warner Inc. said it will lend up to $160 million to its Latin American joint venture in exchange for bonds convertible into stocks to finance the money-losing unit through 2002. Venezuela's Cisneros Group and Brazil's Banco Itau, the other two partners, did not put up any of the cash.

AOL Latin America, which has not made a profit since its initial public offering at the beginning of 2000, had a loss of $70.5 million in the fourth quarter of last year on revenue of $18.7 million compared with a loss of $105.5 million in the year earlier period.

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