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EARNINGS

February 02, 1988

Paine Webber Group Inc. said its profit for the full year totaled $72 million, down 4% from a year earlier. Revenue rose to $2.43 billion, up about $20 million from 1986. For the quarter, net income plummeted by 60% to $7 million from the previous year, partly due to losses in October's stock market crash. Paine Webber indicated in December that it suffered an after-tax loss of about $16.5 million in October due to trading losses in its arbitrage unit and to reserves taken to cover bad debts in its retail division. During the quarter, the firm also sold its commercial paper business to Citicorp at undisclosed terms, and sold an 18% equity stake to Japan's Yasuda Mutual Life Insurance Co. for $300 million.

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