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GTE Profit Increases 8% in Quarter as Sales Climb

July 16, 1986

GTE Corp. said its second-quarter profit increased 8% on a similar rise in revenue as operating results improved in each of its business groups except electrical products.

GTE said it had net income of $309 million in the latest quarter, compared to $285 million a year earlier.

Combined revenue for the second quarter rose to $4.2 billion from $3.9 billion a year ago.

"Our most important accomplishment during the quarter was the completion of the joint venture between GTE and United Telecommunications, which combined the long-distance voice and data communications businesses of both companies," said Theodore F. Brophy, GTE chairman and chief executive.

US Sprint, the new joint-venture company, began operations July 1.

Brophy said operating results from electrical products were adversely affected by lower results in its precision materials businesses.

For the first half, GTE reported a 6% increase in net income to $591 million, up from $558 million in the same period last year. Combined revenue rose 8% to $8.2 billion in the first six months from $7.6 billion in 1985.

GTE manufactures and markets telecommunications products, services and systems, lighting products and precision materials.

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