(Reuters) - Hotel, energy and financial services conglomerate Loews Corp (N:L) reported a 12.5 percent drop in quarterly profit, hurt by lower revenue from its two major units - multiline insurer CNA Financial (N:CNA) and Diamond Offshore Drilling Inc (N:DO).
Loews' net income fell to $182 million, or 50 cents per share, in the third quarter ended Sept. 30, from $208 million, or 55 cents per share, a year earlier.
The company, controlled by New York's wealthy Tisch family, said total revenue fell 3.2 percent to $1.75 billion.