Foothill Group Posts Loss of $3.97 Million for Period

Foothill Group Inc., a financial services concern, reported a second-quarter loss of $3.97 million, compared with a $3.24-million profit a year earlier.

The loss in the quarter ended June 30 was expected. Foothill, which has executive offices in Agoura Hills and Los Angeles, previously had said it would post a major loss because it wrote down its junk-bond holdings to reflect the bonds’ sinking market values.

The loss came on a 52% plunge in Foothill’s revenue, to $13 million from $27 million, a decline that mainly reflected a $10.5-million loss on Foothill’s investments, compared with $694,000 in investment income a year earlier.

The company also reported a net loss of $1.87 million for the first half of 1990, compared with a year-earlier profit of $6.65 million. Foothill’s six-month revenue fell 29% to $36.6 million from $51.3 million.