Mortgage Investments Plus Profits Fall 22% in Quarter
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Mortgage Investments Plus reported 1986 fourth-quarter earnings of $1.4 million, down 22% from a year ago. Revenue was up 9%, to $2.8 million.
Earnings per share were 15 cents against 21 cents a year ago.
In the 1985 fourth quarter, MIP earned $1.9 million on revenue of $2.5 million. It blamed the reduced 1986 profit on lower interest rates, $350,000 in depreciation and other non-cash charges from its expanding real estate investments.
For all of 1986, earnings were $6.5 million, or 72 cents a share, on revenue of $11.2 million. Results of the previous year are not comparable because MIP began operations July 9, 1985.
MIP, a real estate investment trust based in Woodland Hills, said it has a portfolio of realty investments worth more than $114 million.
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