Phibro-Salomon Reports Higher Earnings for Year
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Phibro-Salomon reported increased fourth-quarter and annual profits for 1985, crediting the performance of its Salomon Bros. and Phibro Energy units.
The commodities and financial services holding company reported net income of $132 million for the quarter ended Dec. 31. That compared to a loss of $130 million in the same period a year earlier.
Phibro-Salomon earnings for the fourth quarter of 1984 were affected by a $307-million write-off in its oil and gas properties.
For the quarter, total revenue for the corporation was $8.59 billion, compared to $7.88 billion in the final three months of 1984.
Phibro-Salomon includes its Salomon Bros. investment banking firm, its Philipp Bros. commodities operation and its Phibro Energy unit.
For the entire year, Phibro-Salomon had record earnings of $557 million, compared to $212 million in 1984. Total revenue fell to $27.9 billion from $28.9 billion.
The 1984 earnings also were affected by $224 million in special after-tax charges.
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