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February 22, 2008
LandAmerica Posts Qrtly Loss on Real Estate Slump
LandAmerica Financial Group swung to a quarterly loss, hurt by a decline in the U.S. residential real estate market and charges related to office closures.
The insurer said it was shaving costs and trying to simplify operations, as a result of "demanding market conditions." It closed 160 offices in the quarter, resulting in a pretax charge of $41.3 million. The company said its fourth-quarter loss was $45.9 million compared with a profit of $34.3 million in the year-ago quarter.
Posted by S. Germain at February 22, 2008 08:45 AM