National Intergroup Suffers Loss in Quarter
- Share via
Despite record earnings from its financial subsidiary--First Nationwide Financial--National Intergroup reported that it lost $12.3 million in the second quarter, compared to net income of $8.4 million during the same period last year.
The diversified Pittsburgh-based firm said losses at its steel and aluminum operations offset earnings at its California financial unit. The company said National Steel, which is half owned by National Intergroup and half by Nippon Kokan, K.K., Japan’s second-largest steelmaker, lost $21.6 million during the quarter, compared to a loss of $21.8 million in the second quarter of 1984. The company said National Steel’s steel shipments fell 4% during the quarter. But company Chairman Howard M. Love noted that National Steel still reported an operating profit in June.
First Nationwide, which is 81.4% owned by National Intergroup, provided a record $15.9 million in equity income to National, up from $10.3 million last year.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.