Incomnet Reports Profits Down for Quarter

Incomnet, a Woodland Hills operator of a computerized auto-parts trading network, said its second-quarter profit dropped 50% from a year earlier on a 14% decline in revenues.

For the three months ended June 30, Incomnet earned $69,608 contrasted with $139,237 for the same period a year earlier. Revenues for the latest quarter were $470,162 compared to $544,555 for the year-ago quarter.

For the first half of the year, Incomnet’s earnings dropped 8% to $174,151 from $189,926 for the first six months of 1990. The company said the lower earnings stem from one-time charges for new products, research and development, moving and technical applications consulting.