Loews Profit Falls 63% on Loss at CNA Unit
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Loews Corp. said fourth-quarter profit fell 63% as the Tisch family conglomerate’s CNA Financial Corp. insurance unit had a loss on costs from an overhaul and declines on Enron Corp. investments.
The New York company, which also owns Lorillard Inc., Diamond Offshore Drilling, Bulova Corp. and hotel and tanker businesses, said net income fell to $188.1 million, or 98 cents a share, from $502.9 million, or $2.55, a year earlier. Revenue fell 5% to $5.2 billion.
Loews’ pretax share of the loss at CNA was $329.5 million, contrasted with profit of $188.2 million a year earlier.
Loews shares gained 27 cents to $59.53 on the Big Board.
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