Grey posts losses

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Grey Advertising, New York, reported net losses for the second quarter and first half. The company had a $6.6 million loss for the quarter, vs. $8.3 million in net income a year ago. Income from commissions and fees climbed 11.9% to $261 million. Gross billings for the quarter rose 11.9% to $1.7 billion, and for the first half were up 8.9% to $3.3 billion. Grey said it expects recent new-business activity "will contribute to top-line growth in the future." First-half results: net loss of $6.5 million, vs. net income of $13.4 million a year ago; income up 8.9% to $488.9 million.

Copyright August 1999, Crain Communications Inc.

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