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MIAMI-New Valley Corp. narrowed its losses by more than twofold over the second quarter, and is reporting a 12.3% increase in total revenue.

The diversified investment banking and real estate investment company reported a net loss of $2.3 million, or 10 cents per share, on revenue of $25.2 million for the three months ended June 30, compared with a net loss of $4.2 million, or 18 cents per share, on total revenue of $22.4 million for the same period in 2000.

The Miami-based company primarily produces revenue through Ladenburg Thalmann Financial Services Inc., an investment banking and brokerage business, and Brooke Mil Ltd. and Western Realty Development, two real estate operations focused on Russian markets.

Over the three-month period, the company produced $2.4 million in real estate leasing revenue, up from $820,000 for the same period in 2000. Real estate leasing revenue increased to $5 million over the six months ended June 30, compared with $1.6 million for the same period in 2000.

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