Tiger’s Loss in 1985 Grows to $57.18 Million
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Tiger International, reporting audited results Thursday for the year ended Dec. 31, 1985, posted losses from continuing operations of $57.18 million, or $2.11 a share. The losses were $14.11 million greater than previously reported.
The company said it had concluded that it was no longer advisable to defer gains and losses resulting from changes in exchange rates on certain long-term obligations payable in Japanese yen. Accordingly, Tiger said, the increase in yen-dominated obligations at Dec. 31 was charged against 1985 operations.
In addition, Tiger reported losses from discontinued operations that are $5 million greater than previously reported.
The air transport and trucking concern had struggled back to profitability for the first time in four years in 1984 with income of $44.20 million.
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