AOL Time Warner posts Q2 profit, but AOL unit remains weak

AOL Time Warner Inc posted a profit for the second quarter to June 30, with weak advertising sales at its AOL internet unit - which the company does not expect will improve next quarter - offset by strength in its other units.

AOL Time Warner also confirmed an informal probe by the US Securities and Exchange Commission into its accounting practices, following media reports America Online Inc's advertisement sales may have been overstated after a series of unconventional deals from 2000 to 2002 - the period before and after its merger with Time Warner Inc.