New York-based diversified firm Leucadia National Corp. (LUK) Thursday reported a substantial increase in second-quarter profit, resulting from a significant adjustment credited to income tax expenses. Second-quarter revenues also increased from the prior-year quarter.
Leucadia reported net income of $186.78 million or $0.76 per share for the second quarter compared to $26.30 million or $0.12 per share in the second quarter of 2007.
Results for the quarter included an income tax credit of $247.71 million, reducing the deferred tax valuation allowance.
Revenues and other income for the quarter improved to $337.55 million from $344.00 million in the year-ago quarter. Net securities gain was $19.05 million compared to $50.24 million in the prior-year quarter.
For the first half of 2008, the company recorded net income of $90.95 million or $0.39 per share compared to $34.67 million or $0.16 per share in the corresponding period last year. Revenues and other income for the six-month period advanced to $662.40 million from $541.19 million in the same period last year.
LUK ended Thursday's regular trading at $43.25, down $1.59 or 3.55%, on a volume of about 1.04 million shares.
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