PS Group reported $43.7 million in net...

PS Group reported $43.7 million in net income for the third quarter ended Sept. 30, up from $1.2 million a year ago. Revenue for the quarter fell to $60 million, down from $107 million a year ago. PS Group blamed the drop on reduced sales of natural gas by its Statex subsidiary.

During the third quarter, PS Group, the former parent of Pacific Southwest Airlines, recorded a $98-million gain from the termination of a pension plan. However, the gain was partly offset by an $18.5-million write-down recorded in connection with the intended sale of natural gas properties owned by Statex. PS Group has agreed to sell the properties during the fourth quarter for $40 million, which is $18.5 million below book value.

PS Group reported $45.8 million in net income for the nine-month period ended Sept. 30, down from $49.8 million during the like period the year before. PS Group’s 1987 results reflected a net loss from continuing operations that was offset by a large gain from the sale of PSA.

Revenue for the nine-month period fell to $185 million, down from $263 million.