* Salomon Inc., parent of the investment...
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* Salomon Inc., parent of the investment house that was embroiled in a government bond-trading scandal last year, reported a loss for the fourth quarter but a rise in profit for the full year.
New York-based Salomon said its loss in the quarter ended Dec. 31 nearly doubled to $29 million, or 41 cents a share, from $15 million, or 28 cents a share, in the 1990 period.
Revenue slid 19.4% to $1.55 billion from $1.93 billion, mainly because of a steep drop in interest and dividends. Salomon also cited lower revenue from trading activities.
For the full year, Salomon’s net income rose to $507 million from $303 million in 1990. Revenue climbed 2.6% to $9.17 billion from $8.95 billion.
The quarterly revenue drop reflected a more conservative management approach in the wake of the scandal.
The company, which also owns Phibro Energy Inc., an oil trading and refining subsidiary, took a $60-million charge in the quarter to reflect lower oil prices.
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