Union Carbide’s income fell 53% to $232...

Union Carbide’s income fell 53% to $232 million in 1987, although the 1986 fiscal year included a one-time gain of $569 million, primarily from the sale of businesses; a $270-million credit from the reversion of surplus pension funds, and an extraordinary charge of $473 million resulting from the purchase of long-term debt at a premium as part of the company’s recapitalization program. The Danbury, Conn.-based chemical firm said the 1987 totals include an after-tax charge in the fourth quarter of $53 million relating to litigation, including environmental matters, the Bhopal, India, case and general corporate litigation. Results for 1987 also benefited from a $160-million decrease in interest costs, the company said. Revenue increased 9% to $6.91 billion.