Gulf & Western Industries said that its...

Gulf & Western Industries said that its fiscal third-quarter profit fell 49% from a year earlier. A $100,000 loss from discontinued operations in the latest quarter produced net income of $53.8 million. A year earlier, the diversified concern suffered a $23.7-million loss from discontinued lines, lowering net income to $36 million. Third-quarter revenue rose to $1.16 billion from $1.06 billion. The company said its latest results were hampered by a sharp increase in interest expense, to $36.6 million from $20.1 million from a year earlier, related to borrowings required for its $718 million acquisition of Prentice-Hall last December.