VARITY <VAT> EXPECTS 4TH QTR, FULL-YEAR LOSS
Varity Corp, formerly Massey-Ferguson
Ltd, said it expected to report on March 25 a loss for the
fourth quarter and full-year ended January 31.
    A company spokesman said specific figures were unavailable.
    Varity posted a net profit of 3.9 mln U.S. dlrs for the
previous fiscal year ended January 31, 1986 and a 3.3 mln dlr
net profit for the previous fourth quarter. Its net loss for
the nine months ended October 31 totaled 4.7 mln dlrs after a
19.7 mln dlr third quarter loss tied to strikes and plant
shutdowns at its British and French operations.
    Varity also said it would seek shareholder approval at a
special shareholders' meeting on April 9 to authorize a
transfer of values to the contributed surplus account on its
balance sheet from the stated capital account for common
shares.
    The spokesman said the move would help raise company values
required to pay dividends under Canadian law.
 Reuter
