Foothill Group Profit Jumps 66% in 3rd Quarter
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Foothill Group Inc., a financial services concern with executive offices in Agoura Hills and Los Angeles, said its third-quarter profit jumped 66% from a year earlier, to $2.69 million from $1.62 million.
The earnings were aided by a 31% drop in Foothill’s interest costs, to $8.3 million in the quarter ended Sept. 30 from $12 million a year earlier. The lower interest costs reflected the recent declines in interest rates generally, along with Foothill’s restructuring of its own balance sheet to cut debt expenses. Foothill’s interest income, meanwhile, held steady in the quarter at $18.5 million.
For the first nine months of this year, Foothill’s profit more than doubled from a year earlier, to $9.50 million from $4.16 million.
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