KeyCorp reports net losses for the second quarter of 2008

Jul 23, 2008 (M2 EQUITYBITES via COMTEX) -- KEY | Quote | Chart | News | PowerRating -- KeyCorp (NYSE:KEY), the holding company for KeyBank National Association which provides various banking services, reported on 22 July its financial results for the second quarter and six months which ended 30 June 2008.

The company's total revenue for the second quarter was USD455m compared to USD1,355m for the same quarter of 2007 and there was a net loss reported of USD1,126m (USD2.70 per diluted share) compared to a net income of USD334m (USD0.84 per diluted share) in the second quarter a year ago.

Total revenues for the six months which ended 30 June 2008 dropped to USD1,687m, from USD2,709m for the same period in 2007. The six month net loss was USD908m (USD2.23 per diluted share), reduced from a net income of USD684m (USD1.71 per diluted share) for the first six months of 2007.

The company commented that its financial results for this quarter include after-tax charges of USD1.011bn (USD2.43 per common share), which resulted from a previously announced adverse federal tax court ruling on a service contract lease transaction. Keycorp said it intended to appeal this ruling.

Comments on this story may be sent to admin@m2.com

Morning Coffee with TradingMarkets -- Free Newsletter

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index