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Loews profit drops 26 pct on lower investment income

Source: Wikipedia

Hotel, energy and financial services conglomerate Loews reported a 26 percent drop in quarterly profit, partly due to lower investment income.

Net income attributable to Loews fell to $208 million, or 55 cents per share, in the third quarter ended Sept. 30, from $282 million, or 73 cents per share, a year earlier.

Loews, controlled by New York's wealthy Tisch family, said total revenue fell about 2 percent to $3.52 billion.