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In Brief : MGM-UA Posts $39.5 Million Loss

January 10, 1989|From Times staff and wire service reports

MGM-UA Communications Co., subject of recent takeover rumors, said today it lost $39.5 million in its most recent quarter.

The loss in the first quarter of the company's 1989 fiscal year contrasts with a profit of $2.1 million, or 4 cents a share, in the first quarter of last year.

Revenue in the quarter ended Nov. 30 was $57.7 million, up from $48.4 million a year earlier, the company announced.

Jeffrey Barbakow, MGM-UA's chairman and chief executive officer, blamed increased interest expense and higher write-offs on movies in production and already released for the loss.

The company lost $48.7 million in its 1988 fiscal year.

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