International Bank yesterday reported record profits for the first six months of the year, with boosts coming from the sale of its interest in Financial General Bankshares, Inc., the disposal of Marion Malleable Iron Works, Inc., and growth in its insurance groups.
Earnings for the first six months totaled $6.2 million (88 cents a share), up 342 per cent over the same period last year. Revenues rose 39 per cent to $10.6 million.
Second quarter earnings rose to $3.2 million (45 cents) on revenues of $5.9 million compared with a net loss last year of $603,000 (8 cents) on revenues of $4.5 million.
The Financial services company sold its interest in Financial General Bankshares, Inc., to a group led by former Secretary of the Navy 4. William Middendorf II last April for $15.1 million.
In addition, IB had disposed of Marion Malleable Iron Works, Inc., a company in the industrial group which never recovered from the 1975 recession.
The property and casualty insurance group made a substantial contribution to the higher earnings, with its earnings up 161 per cent to 33 cents a share.
Government Employees Life Insurance Co. reported earnings for the first six months rose 7 per cent to $3.7 million (83 cents) before realized investment gains. Net investment income rose 15 per cent to $4.6 million.
Life insurance in force totaled $2.1 million, an increase of 3 per cent but sales of individual life insurance totaled $82,816,412, substantially lower than the first half of last year.
International General Industries of Washington, D.C., reported first half revenues of $42.5 million, up 15 per cent from the 37.0 million reported for the similar period in 1976. Income on these revenues was $3.5 million (1.95), an increase of 14 per cent over $3.1 million ($1.72) last year.
However, losses and reserves resulting from the disposition of Marion Malleable Iron Works, Inc., reduced earnings for the six months to $679,806 (38 cents) compared with $2.7 million ($1.52) in the similar 1976 period. Marion Malleable was terminated on July 29 after two years of substantial losses.
Virginia Real Estate Investment Trust announced a net income of $110,835 (9 cents a share) for the second quarter ended June 30, compared with $116,191 (9 cents) for the same period last year.
For the first six months, the trust reported earnings of $183,276 (15 cents on revenues of $2.5 million, compared with $187,740 (15 cents) on revenues of $2.5 million last year.
Equitable General Corp., a life insurance, real estate investment and corporate services company in McLean, reported net income of $5.248 million ($1.63 a share) for the first six months of 1977, up from the previous year's first half earnings of $4.372 million ($1.33).
The company also declared an increased quarterly cash dividend of 20 cents per share, payable Sept. 1 to stockholders of record as of Aug. 12. The new dividend rate represents an increase from 60 cents to 80 cents per share on an annual basis.