Pacific Lighting’s Net Declines 6.4% in Quarter
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Pacific Lighting reported that its earnings dipped 6.4% in the second quarter, primarily because of lower income from oil and gas production and utility operations.
Pacific Lighting is the parent of Southern California Gas of Los Angeles. It also has real estate development holdings and recently agreed to buy Thrifty Corp.
For the three months ended June 30, the company earned $44.1 million on revenue of $895.8 million. In the year-ago quarter, it netted $47.1 million on revenue of $1.1 billion.
Although the company’s oil production was 29% higher during the quarter, income from that unit dipped to $679,000 for the three months, compared to $5.7 million a year earlier. The company blamed falling oil prices.
Net income from utility operations dropped to $39.9 million from $41.6 million.
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