Gulf & Western Inc.’s 1988 profit increased...

Gulf & Western Inc.’s 1988 profit increased 8% from 1987 to a record $384.7 million, despite a drop in motion picture earnings. Revenue rose to $5.1 billion, up 9%. The New York entertainment and financial services conglomerate said the results were due to record performances from its consumer/commercial finance and publishing/information operations. It said higher television unit and film exhibition unit results were more than offset by a drop in motion picture earnings and lower income from its movie theaters, reflecting the January, 1988, sale to Warner Communications Inc. of a 50% interest in domestic theater operations.