Year-End Profit Down 18% at Mortgage Investments

Mortgage Investments Plus said its profit fell 16% in the fourth quarter ended Dec. 31 to $1.2 million, or 13 cents a share. For the year, profit dropped 18% to $5.3 million, or 59 cents a share.

The Woodland Hills real estate investment trust, which is advised by Weyerhaeuser Mortgage Co. and invests in joint ventures, said the decline resulted from the transfer of money into non-interest-bearing investments and from an increase in depreciation charges.