Gulf & Western reported that its profit jumped 103% in the first quarter of fiscal 1987, largely because of the strong performance of its movie operations.
The entertainment, publishing and financial services company said Tuesday that earnings for the quarter ended Jan. 31 soared to $69.3 million from $34.2 million in the year-earlier quarter.
Revenue rose 26% to $1.1 billion.
New York-based Gulf & Western operates its movie business through its Paramount subsidiary. The company noted the significant contribution to first-quarter results from the continued success of "Crocodile Dundee"; the excellent results of its two holiday films, "Star Trek IV: The Voyage Home" and "The Golden Child," and the success of the overseas release of its 1986 domestic blockbuster "Top Gun."