Quarterly Profit Drops for Foothill Group Inc.

Foothill Group Inc. said its first-quarter profit tumbled 38% from a year earlier on a 3% decline in revenue.

Foothill, a financial services concern with executive offices in Agoura Hills and Los Angeles, said net income in the quarter that ended March 31 fell to $2.10 million from $3.41 million. Its revenue slipped to $23.6 million from $24.3 million.

The company blamed the lower earnings on its thrift and capital markets divisions, saying both had lower returns on their investments compared with a year earlier. A third division, Foothill Capital, which specializes in corporate loans, posted earnings exceeding those in the first quarter of 1989, the company said.