Inc made grim reading as the global commercial finance company
reported a loss of $7.88 a share.
Including losses from discontinued operations, the group
reported a net loss of $2.1 billion, compared to a net loss of $135
million or $0.69 per share, in the second quarter of 2007.
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Income from continuing operations of $48.1 million ($31.4
million after preferred dividends), or $0.12 per share, for the
second quarter of 2008 was down from $352.1 million ($344.6 million
after preferred dividends), or $1.76 per share for the comparable
2007 quarter.
Of the results, CIT chairman and CEO Jeffrey M Peek said: “We
will continue to take actions to right-size the company to enhance
profitability. To that end, the sale of our home lending business,
which negatively impacted our earnings and overshadowed the
performance of our core commercial businesses, has eliminated a
major area of risk and uncertainty from our portfolio. In the
second half of this year we will further strengthen our balance
sheet, improve our funding profile and continue to meet the
financing needs of our clients.”
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