P.M. BRIEFING : Paramount Earnings Post Increase

Paramount Communications Inc., formerly known as Gulf & Western Inc., today reported income of $65.6 million for the second quarter ended April 30, up 18.2% from $55.5 million in the year-ago period.

Per-share earnings rose to 55 cents for the second quarter, compared with 46 cents a year earlier.

Revenues expanded to $699.1 million from $619.6 million last year. Earnings for the second quarter of fiscal 1988 included a net gain of $4.8 million from the sale of the company’s 30% stake in a videocassette duplication business.