EARNINGS : Ashland Reports Strong Gains

Ashland Oil today reported that a strong fourth quarter from its oil group resulted in the company having its second-best year ever.

In its fourth quarter ended Sept. 30, Ashland said it had earnings of $59 million on revenues of $2.5 billion, compared to a net loss of $39 million on revenues of $2.3 billion in last year’s quarter. For its fiscal year ended Sept. 30, the Ashland, Ky.-based company had net income of $182 million on sales of $9 billion, compared to net income of $86 million on sales of $8.5 billion in 1989.

“These excellent results were due primarily to a strong performance by Ashland Petroleum Co., improved results from APAC construction operations and Ashland Exploration, and higher equity income from Arch Mineral Corp. and Ashland Coal Inc.,” John R. Hall, Ashland chairman and chief executive officer, said.