Sanwa's lavish events bespeak record profits of $991 million for the last fiscal year, which saw a 48 percent increase in the bank's consolidated net income.

The company's consolidated net income was 15.1 billion yen, or about $151 million, in the year that ended March 31.

But consolidated net income fell by nearly half, to 3.53 billion yen, or about $35 million.

The consolidated statutory income for 1988 was $190 million, compared from the decline of $88 million reported in 1987.

Its consolidated net income was R$ 462.3 million, generating a return on opening shareholders' equity of 72.1%.

The company is scheduled to report consolidated net income on Thursday.

GTE said its consolidated net income totaled $299 million, or 87 cents a share, up from $223 million, or 66 cents a share, a year earlier.

For the three months ended March 31, Morgan reported consolidated net income of $226.4 million, or $1.22 a share, down from the $233.9 million, or $1.28 a share, in 1986.

Consolidated revenue from operations reached $7.3 billion and consolidated net income totaled $281 million.

The Mitsubishi Motors Corporation, benefiting from its strong position in Japan's expanding recreational vehicle market, said today that consolidated net income more than doubled as sales rose 15.9 percent.