WSJ891026-0031
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891026-0031.
Business Brief -- Sotheby's Holdings Inc.:
@ Third-Period Loss Narrowed
@ On Operating Revenue Gain
10/26/89
WALL STREET JOURNAL (J)
BID
EARNINGS (ERN)
Sotheby's Holdings Inc., the parent of the auction house Sotheby's, said its net loss for the seasonally slow third quarter narrowed from a year earlier on a leap in operating revenue.
The New York-based company reported a third-quarter net loss of $5.1 million, or 10 cents a share, compared with a year-earlier net loss of $6.2 million, or 12 cents a share.
Operating revenue surged 54% in the latest period to $42.9 million from $27.7 million.
The company said 80% of its auction business is usually conducted in the second and fourth quarters, with the current quarter having begun " extremely well."