Primark Corp., the McLean holding company that owns Michigan Consolidated Gas Co., announced that earnings dipped slightly in the first quarter as a result of warmer weather. The company said net income totaled $32.9 million ($1.67 a share) in the three months compared with $34.2 million ($1.79) in the same period a year ago.
The total volume of gas sold fell as a result of temperatures that were 3.7 percent warmer than normal, Primark said. The company said it sold 125,109 million cubic feet of gas in the first quarter compared with 130,809 in the same period a year ago.
Primark also operates insurance companies, mortgage lenders, a savings bank and a telecommunications service for hospitals.
*Geico Corp., a Washington insurance company, reported that profits rose 31.7 percent in the first quarter, from $31 million ($1.66 a share) to $40.9 million ($2.31).
The company attributed the 39.2 percent improvement in net income per share to profits realized on securities transactions in the financial markets. The company said, however, that it is unlikely "that realized capital gains for the full year will match last year's exceptional results."
Underwriting results improved during the quarter.