3rd Quarter Income Rises 38% at Angeles Mortgage

Angeles Mortgage Investment Trust posted a net income of $778,000 for its third quarter, up 38% from $562,000 a year ago.

The Westlake Village-based mortgage concern reported revenue for the three months ended Sept. 30 of $1.1 million, up 25% from $878,000 a year earlier.

For the nine months, Angeles Mortgage posted a net income of $3.1 million, up 35% from $2.3 million in 1996, and sales of $4.1 million, up 52% from $2.7 million a year earlier.

The company said that results for the nine months included the recognition of $849,000 of interest income for restructuring four mortgage loans, $340,000 relating to recovery of bad debt and a gain of $28,000 from the sales of a joint-venture interest obtained from a foreclosure action.