Fairmont Financial Earns $1.4 Million in Quarter
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Fairmont Financial said its first-quarter earnings were up 180% from the same period last year, to $1.4 million.
Revenue for the Burbank-based holding company, which owns the Fairmont Insurance workers’ compensation insurance firm, rose 74%, to $28.1 million, in the quarter ended March 31.
Fairmont said its profit was boosted by $392,000 in tax benefits from tax-loss carryforwards, which allow companies to deduct previous losses from taxable income.
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