Fairmont Financial Earns $1.4 Million in Quarter

Fairmont Financial said its first-quarter earnings were up 180% from the same period last year, to $1.4 million.

Revenue for the Burbank-based holding company, which owns the Fairmont Insurance workers’ compensation insurance firm, rose 74%, to $28.1 million, in the quarter ended March 31.

Fairmont said its profit was boosted by $392,000 in tax benefits from tax-loss carryforwards, which allow companies to deduct previous losses from taxable income.