Pinnacle West Capital Corp.: The Phoenix company...
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Pinnacle West Capital Corp.: The Phoenix company reported a net loss for 1989 of $551 million, contrasted with a profit of $4.2 million in 1988. Operating revenue slipped 3% to $1.51 billion. The company said the loss occurred primarily because of the effect of discontinued operations representing MeraBank and Malapai Resources Co., Pinnacle West’s uranium mining subsidiary. In MeraBank’s case, that includes the impact of Pinnacle West’s $450-million capital infusion into the bank to be completed by March 31. Federal regulators placed MeraBank into receivership on Jan. 31.
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