PS Group reported a $1.7-million net loss...

PS Group reported a $1.7-million net loss for the fourth quarter ended Dec. 31, 1988, contrasted with a $5.8-million net profit during the previous fourth quarter.

Revenue for the quarter fell to $47.5 million, down from $92.9 million during 1987.

PS Group benefitted from a $2.7-million pretax gain on the sale of one leased MD-80 aircraft during the fourth quarter.

However, that gain was offset by “increased losses from the travel distribution business and reduced contribution from the fuel distribution business,” according to the company.

PS Group reported a $44-million net profit for the year, down from a $55.6-million net profit during 1987. Revenue for the year fell to $216 million, down from $338 million during 1987. Net income for 1988 resulted from a gain recorded in connection with the termination of excess assets in PS Group’s pension plan.