Loews Corp: heavy loss in Q2
(CercleFinance.com) - Loews Corp.
, a conglomerate whose businesses range from energy to insurance and hotels, has reported a net loss of 835 million dollars or 2.96 dollars per share for Q2 2020, against EPS of 82 cents for Q2 2019.
This deterioration is largely suz ro a 957 million dollar investment loss for the impairment of the book value of its stake in Diamond Offshore Drilling, its offshore drilling subsidiary, due to its filing for bankruptcy last April.
It also reflects significant catastrophe losses at the insurance company CNA Financial, as well as operational losses at Loews Hotels & Co, against the backdrop of upheaval caused by the Covid-19 pandemic.
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