Lorillard Inc. Profit Drops

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Lorillard Inc. Profit Drops

11/12/2003
NEW YORK -- Loews Corp. on Wednesday posted a $1.38-billion third-quarter loss, hurt by charges to boost claims reserves at its CNA Financial Corp. insurance unit, Reuters reported.

Separately, profit at Carolina Group, the tracking stock for Loews' Lorillard Inc. tobacco arm, which makes Newport and Kent cigarettes, fell 39 percent to $116.4 million. Profit attributable to Carolina shareholders fell to $26.8 million, or 67 cents per share, from $44.4 million, or $1.10 per share, a year earlier, the news report stated.

Loews' revenue fell 3 percent to $3.94 billion. CNA revenue fell 7 percent to $2.56 billion, and Lorillard revenue fell 13 percent to $854 million, according to Reuters.