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Results
In third quarter 2004, UBS reported net profit of CHF 1,671 million, down CHF 14 million from CHF 1,685 million in the same period a year ago. Our Financial Businesses contributed CHF 1,654 million in third quarter 2004, down 2% from a year earlier. Our Industrial Holdings contributed CHF 17 million in third quarter 2004 and represented 1.0% of UBS’s net profit, 16.7% of operating income, and 20.6% of operating expenses in the quarter.
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