October 28, 2013 / 10:36 AM / 4 years ago

Loews profit rises 59 pct after lower charge

Oct 28 (Reuters) - Loews Corp posted a 59 percent jump in third-quarter profit as the hotel, energy and financial services conglomerate took a smaller impairment charge in its HighMount Exploration & Production unit.

Net profit rose to $282 million, or 73 cents per share, from $177 million, or 45 cents per share, a year earlier.

Excluding the charges, adjusted net income fell to $324 million from $343 million.

Loews is controlled by the billionaire Tisch family.

Insurer CNA Financial Corp, Loews' biggest holding, reported a 25 percent jump in its operating profit due to higher premium income and lower non-catastrophe losses.

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