Weaker results from its chemical and oil refining and marketing businesses resulted in a 36 percent drop in fiscal first-quarter earnings at Ashland Inc.

        For the three months ended Dec. 31, the Covington-based company said net income declined to $38 million, or 54 cents a share, from $59 million, or 84 cents a year ago.

        Excluding an $18 million non-cash charge to reflect the carrying value of its oil inventories in Marathon Ashland Petroleum (MAP), Ashland said earnings in the just-completed quarter were $56 million, or 80 cents a share. Ashland owns 38 percent of MAP, a Midwest oil refining and marketing partnership with Marathon Oil Co.

        "Our businesses held up relatively well despite the soft economy,” Chairman Paul Chellgren said in a statement.

        Combined profits at Ashland's wholly owned businesses, including APAC highway construction and Valvoline, increased 41 percent, the company said.

        Total revenues declined to $1.81 billion from $1.87 billion a year ago.

Home sales set record for Tristate during '01
Barge company to leave port
Hoteliers to discuss tax plan
Retail vacancies shrink
Airlines call off alliance
Amtrak no closer to self-sufficiency, report says
Earnings
Kmart, SEC investigate questions about accounting
Business Digest
Tristate Summary
What's the Buzz?
HIGGINS: Enron lessons
Rate report
Savvy Strategies