America Online (AOL), the world's largest Internet service provider, has recorded a loss of $11.8 million (£8.2 million) in its fiscal fourth quarter. The company said this was due mainly to one-off charges, and that revenue had risen by 42 per cent since last year.

The loss compared with earnings of $16.1 million a year earlier but AOL said the net loss resulted from moving a $25.7 million charge for information provider termination expenses from the second to the fourth quarter, and from restating $7.3 million in third quarter operating results. - (Reuters)