Union Carbide Corp. reported profits of $232...

Union Carbide Corp. reported profits of $232 million, down 53% from 1986 when it reported net income of $496 million, including gains of about $834 million from the sale of assets and surplus pension funds. The Danbury, Conn.-based chemical company, said it posted a fourth-quarter profit of $23 million, a turnaround from the like 1986 period when it posted a $495-million loss. the most recent quarter benefited from a 34% drop in interest costs, a result of reduced debt levels and lower interest rates.