Cendant Posts Net Loss, Blaming Spinoff Costs
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From Bloomberg News
Cendant Corp. had its first net loss in more than three years in the first quarter because of costs related to a spinoff.
The New York-based travel and real estate services company said its net loss was $82 million, or 8 cents a share, compared with net income of $441 million, or 42 cents, a year earlier. Revenue rose to $3.88 billion from $3.54 billion.
Shares of Cendant, which reported after the market close, rose 20 cents to $19.94 in regular trading on the New York Stock Exchange.
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