Mortgage Investments Plus Net Income Declines 15%

Mortgage Investments Plus reported a 15% drop in net income during its second quarter, ended June 30, of $1,381,376, or 15 cents a share, compared to a year-earlier profit of $1,619,343, or 18 cents a share.

The Woodland Hills real estate investment trust loaned $4.2 million to develop a retail center in La Puente during the second quarter.

For the first six months of 1987, MIP reported an 18% drop in net income to $2,849,832, or 31 cents a share, compared to net income of $3,471,488, or 38 cents a share a year earlier.