IAC profit squeeze

IAC reported a 4.2 per cent drop in third-quarter net income amid higher costs as home-shopping channel HSN showed signs of a turnaround. IAC reported net income of $71.8 million, compared with $74.9 million, a year earlier. The latest quarter’s results included a $5.9 million gain related to the sale of Home Shopping Network Europe earlier this year and a $2.7 million gain due to derivatives revaluation.

Revenue increased 7.4 per cent to $1.52 billion. Chairman and Chief Executive Barry Diller said. “Trends at our businesses are good, and particularly so at HSN… beginning to demonstrate the great retailing smarts that we knew they were capable of.”

Part of the group, LendingTree, an online loan facilitator, swung to a loss on a 41 per cent slump in revenue amid fewer loans sold and closed. Loan-loss provisions soared to $8.2 million from $700,000.

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