Broad Inc.: The Los Angeles-based financial services...
From Staff and Wire Reports
Broad Inc.: The Los Angeles-based financial services company reported net income of $10.7 million for its third quarter ended June 30, up 17% from $9.2 million a year ago. Net operating income (before net realized investment losses) rose 63% in the quarter to $15.8 million from $9.6 million. Chief Executive Eli Broad attributed the operating gain to a higher level of assets under management following the firm’s acquisition of the core financial services businesses of Integrated Resources in January. However, the company also is experiencing a modestly higher level of net realized investment losses than anticipated earlier, he said.
