clarinews@clarinet.com (02/02/90)
BEAUMONT, Texas (UPI) -- Gulf States Utilities Co. reported a fourth quarter net loss Thursday of $21.4 million, compared with net earnings of $7.6 million, or 8 cents a share, in the same period a year ago. The utility also reported revenues of $382.4 million for the fourth quarter, compared with $366.8 million in 1988. For all of 1989, GSU reported a net loss of $108.4 million, compared with earnings of $40.1 million, or 37 cents a share, the year before. Revenues for 1989 were $1.61 billion, up from $1.52 billion in 1988. The company said the 1989 results were adversely affected by $92 million in charges to earnings associated with its River Bend nuclear plant in St. Francisville, La., and abandoned lignite leases. The charges reduced 1989 per share earnings by 85 cents, the company said. Gulf States serves 563,000 electric customers along the Gulf Coast from Houston to New Orleans.