Santa Fe Pacific Corp.: The Chicago transportation...
From Times Staff and Wire Reports
Santa Fe Pacific Corp.: The Chicago transportation and natural resources firm reported a fourth-quarter loss of $209.4 million, contrasted with a profit of $156.1 million a year ago. The 1989 results include a pretax restructuring charge of $389.6 million to establish reserves for improving profitability at its Santa Fe Railway unit. The 1988 quarter included a gain of $136 million on the sale of 56% of Santa Fe Pacific’s pipeline operations. Revenue in the 1989 quarter slipped 6% to $831.8 million from the year-ago period. For the full year, profit was $14.6 million, contrasted with a loss of $46.5 million in 1988. The 1989 results include a one-time $210-million benefit from an accounting change.
