Profits sag at Exxon and Eastern Airlines
Exxon, the world's largest oil company, said decreased demand for oil products cut first-quarter profits this year by 22.5 percent and revenues by 10. 6 percent from the same period in 1981. Exxon reported profits of $1.24 billion on revenues of $27.11 billion in the latest quarter, compared with profits of $1 .60 billion on $30.32 billion in revenues for the first quarter of last year.
And another corporate behemoth announced big losses Tuesday. Eastern Airlines blamed the recession and discount fare competition on New York-to-Florida routes for a $51.4 million first-quarter loss. Eastern had a $4.1 million profit during the same period last year.