Loews profit falls 34 pct

April 29 Mon Apr 29, 2013 6:11am EDT

April 29 (Reuters) - Hotel, energy and financial services conglomerate Loews Corp reported a 34 percent fall in quarterly profit due to lower revenue from its offshore rig contracting unit Diamond Offshore and a drop in investment income.

Net income fell to $242 million, or 62 cents per share, for the first-quarter, compared with $367 million, or 92 cents per share, a year earlier.