Fairmont Financial reported its profit in its fourth quarter ended Dec. 31 rose nearly 271% over the corresponding period a year earlier, mainly because of better investment income and reduced claims when contrasted with premiums. Earnings for the year were up 357%.
The Burbank-based insurance holding company reported net income of $1.7 million, or 54 cents per share, on revenue of $25.1 million for the quarter. During the same period a year earlier, Fairmont's profit was $455,000, or 17 cents a share, on revenue of $6.7 million.
For the year, Fairmont reported net income of $5.1 million, or $1.83 per share, on revenue of $78.8 million. In 1984, its profit was $1.1 million, or 42 cents per share, on revenue of $55.8 million.
The company specializes in workers' compensation insurance.