Aflac Profit Falls on Parmalat Scandal
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Aflac Inc. said fourth-quarter net income fell 61% as the insurer was hurt by losses from its investment in fallen Italian dairy giant Parmalat.
Aflac posted a loss of $257 million from the sale of its stake in Parmalat, which is under investigation for alleged multibillion-dollar fraud. The insurer decided to sell its $428-million investment in Parmalat in December after the conglomerate’s credit rating was cut to junk status.
Columbus, Ga.-based Aflac said its fourth-quarter net profit fell to $73 million, or 14 cents a share, from $186 million, or 35 cents, a year earlier. Revenue rose 6.7% to $2.85 billion.
Aflac shares closed, before the earnings release, at $37.81, up 93 cents, or 2.5%, on the NYSE.
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* Sport Chalet Inc. said fiscal third-quarter profit rose 18% to $3.1 million, or 44 cents a share. Sales rose 10.3% to $79.9 million. The La Canada sporting-goods chain said sales at stores open at least a year -- a key measure of growth -- rose 2.9%.
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