Reuters - the world's biggest provider of financial news - posted a 91 percent drop in annual net profit, as the economic slowdown lowered demand for the company's services.

Profits stood at just-below $66 million, down from $745 million a year ago, as fewer companies purchased Reuters services while existing clients canceled contracts. Most Reuters customers are businesses and financial institutions, whose own profits have been hit by the economic slowdown.

Reuters officials expect revenues in the company's core businesses to fall in 2002, but said they could bottom out in the second half of the year. The company has also raised the total number of job cuts to 1,800 - from 1,600 - in an effort to save $336 million by 2003.

Some information for this report provided by Bloomberg and Reuters.

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