Pacific Lighting’s Earnings Behind 1984

Pacific Lighting Corp., parent of Southern California Gas Co., reported second-quarter and first-half earnings Friday that lag behind last year’s comparable periods, but the Los Angeles-based company predicted improved results in the second half.

Net income for the quarter ended June 30 was $47.1 million, down from $59.3 million last year, on revenue of $1.10 billion, compared to $1.11 million last year. For the six months, net income was $97 million, down from $102.7 million in the first half of 1984.

“We expect improved results during the rest of the year,” Chairman Paul A. Miller said in a statement.

Miller noted that the year-ago results reflected several positive but non-recurring events that enhanced earnings for the 1984 second quarter and first half. They included a favorable California Public Utilities Commission decision that added $7.9 million to net income, tax credits earned during construction of the Great Plains Coal Gasification Plant and sale of real estate.

Southern California Gas Co. contributed 75% of operating income in the first half of 1985, compared to 77% a year ago, the company said.

Loss From Latin Unit Lowers First Chicago’s Net

First Chicago Corp. said it earned $10 million in its second quarter as a previously disclosed loss related to a South American banking subsidiary reduced its profit by 81% from the year-earlier quarter.

The latest profit for the nation’s 10th-largest banking company compared to net income of $52.9 million in the second quarter of 1984.

For the first six months, First Chicago earned $48.4 million, down 53% from $102 million a year earlier.

First Chicago is the parent company of First National Bank of Chicago, the nation’s ninth-largest bank.

Its most recent results also include the results of American National Corp., which First Chicago acquired May 1, 1984.