Ambac Financial Group Inc. on Wednesday reported an operating loss during the second quarter because of expected losses on insurance contracts, but at the same time posted a net profit because of how it must account for special non-cash gains from the same complex portfolio.
Net income for the quarter ended June 30 rose to $823.1 million, or $2.80 per share, from $173 million, or $1.67 per share, during the same quarter last year.
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