Transamerica Corp.: The insurance and financial services...
From Times Staff and Wire Reports
Transamerica Corp.: The insurance and financial services company reported an 18% drop in first-quarter profit, blaming much of the decline on the recession. The San Francisco firm had net income of $57.9 million, compared to earnings of $70.3 million in the like period a year ago. Revenue totaled $1.74 billion, up 7%. Transamerica said the results included a $24.4-million loss at its commercial finance unit. The company said the recession sharply reduced consumer demand for products offered by many of the division’s customers, including boat dealers and retailers selling appliances, computers and electronics.
