Former Halliburton subsidiary KBR’s 4th quarter profits up 65%

HOUSTON (AP) — Former Halliburton subsidiary KBR Inc. said Tuesday fourth-quarter profit rose 65 percent, lifted by contributions from natural-gas projects, work in Iraq and a tax benefit related to a 2006 asset sale.

The Houston-based military contractor and engineering and construction firm said profit for the October-December period was $71 million, or 42 cents a share, up from $43 million, or 28 cents a share, in the prior-year period.

The most-recent quarter included income from discontinued operations of $23 million, or 14 cents a share, due to tax benefits from the 2006 sale of its production services group.

The prior-year period included a loss from discontinued operations of $2 million, or 1 cent a share.

Wall Street expected KBR to earn 32 cents in the quarter, excluding one-time items.

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