August 4, 2014 / 10:20 AM / 3 years ago

Loews quarterly profit falls 57 pct

1 Min Read

Aug 4 (Reuters) - Hotel, energy and financial services conglomerate Loews Corp reported a 57 percent drop in quarterly profit due to lower earnings from Diamond Offshore Drilling Inc.

Net income attributable to Loews fell to $116 million, or 30 cents per share, in the second quarter ended June 30 from $269 million, or 69 cents per share, a year earlier.

Loews, controlled by New York's wealthy Tisch family, said revenue fell to $3.59 billion from $3.62 billion. (Reporting by Amrutha Gayathri in Bangalore; Editing by Savio D'Souza)

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