Government Services Savings & Loan Inc. said losses continued in the fiscal year ended March 31, but deposits increased 12 percent in the same 12-month period.
The Bethesda savings and loan association ended the fiscal year with a loss of $3.7 million compared with a loss of $2.34 million in the prior year.
Deposits increased from $296.3 million to $332.4 million.
The continued earnings squeeze reported by Government Services yesterday reflects an industrywide trend.
Although most S&Ls experienced losses last year, the extent of losses by individual S&Ls in Maryland can't be determined because a majority of those institutions are state-chartered and aren't required to report their results publicly.
Unlike mutual savings and loan associations that technically are owned by depositors, Government Services is a stock association and, therefore, is required to report its results.
Alexander R.M. Boyle described the past year as "the most difficult in the savings and loan industry."
However, Boyle said his association is "fortunate that the effects of high interest rates were in our case mitigated by the Bethesda real estate transaction" that Government Services announced previously.
Hotel Investors Trust of Bethesda reported profits of $1.9 million for the third quarter ended May 31 compared with $1.6 million last year. Per-share earnings for both periods were 72 cents because more shares are outstanding this year.
Nine-month earnings were $5.6 million ($2.16 a share) compared with $4.3 million ($2.04).
D.C.-based Computer Network Corp. had profits of $70,000 (5 cents a share) and revenues of $3.4 million in the fourth quarter ended March 31 compared with a loss of $50,000 on revenues of $4.3 million last year.
For the year, Comnet posted $517,000 (30 cents) in profits on revenues of $12.8 million compared with a loss in the previous 12 months of $103,000 on revenues of $19.3 million.
Washington Gas Light Co. said yesterday that earnings for the 12 months ended May 31 were $21.7 million ($3.53) compared with $18.1 million ($3.44) last year. Operating revenues climbed to $651.9 million from $507.3 million. Meters in service during the 12 months grew to 561,311 from 554,951.