National Intergroup Suffers Loss in Quarter

Despite record earnings from its financial subsidiary--First Nationwide Financial--National Intergroup reported that it lost $12.3 million in the second quarter, compared to net income of $8.4 million during the same period last year.

The diversified Pittsburgh-based firm said losses at its steel and aluminum operations offset earnings at its California financial unit. The company said National Steel, which is half owned by National Intergroup and half by Nippon Kokan, K.K., Japan’s second-largest steelmaker, lost $21.6 million during the quarter, compared to a loss of $21.8 million in the second quarter of 1984. The company said National Steel’s steel shipments fell 4% during the quarter. But company Chairman Howard M. Love noted that National Steel still reported an operating profit in June.

First Nationwide, which is 81.4% owned by National Intergroup, provided a record $15.9 million in equity income to National, up from $10.3 million last year.