UPDATE 1-Loews posts lower-than-expected Q2 profit

lunes 3 de agosto de 2009 12:40 CEST

* Q2 oper EPS $0.78 vs est $0.98

* Q2 hurt by investment losses at CNA

Aug 3 (Reuters) - Conglomerate Loews Corp (L.N: Cotización) on Monday reported a lower-than-expected second-quarter profit, hurt mainly by higher investment losses.

The New York-based company, run by the billionaire Tisch family, posted earnings from continuing operations of $341 million, or 78 cents a share, compared with a profit of $511 million, or $1.00 a share, in the same period a year ago.

Analysts were looking for a profit of 98 cents a share, excluding items, according to Reuters Estimates.

Earnings were dragged by commercial insurer CNA (CNA.N: Cotización), in which Loews has a 90 percent stake, as the company took impairment losses of $297 million for the period, mostly related to CNA's available-for-sale portfolio.

Loews' shares closed at $30.02 Friday on the New York Stock Exchange. (Reporting by Anurag Kotoky in Bangalore; Editing by Ratul Ray Chaudhuri)