Interpublic and True North report stock gains

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Interpublic Group of Cos., New York, and True North Communications, Chicago, both reported gains in net income for the second quarter of 1998. Interpublic's net income rose 24.8% to $116.4 million during the second quarter, while revenues rose 17.7% to $943.2 million. For the first half, Interpublic posted net income gains of 24% to $152.2 million, while revenues were $1.7 billion, up 13.3%.

For the second quarter, True North saw net income rise 20.4% to $17.7 million, while it had $311.5 million in revenues, up only 3.4%.

For the first half - the six months since completing its acquisition of Bozell, Jacobs, Kenyon & Eckhardt -- True North's net income rose 56.2% to $21.4 million from $13.7 million, while revenues grew 4.2% to $591.5 million.

Interpublic stock closed at $58.625 Aug. 13, up $1.62 despite the 93.46-point drop in the Dow Jones Industrial Average; True North closed at $27.25, down 50 cents.

Copyright August 1998, Crain Communications Inc.

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