Henley Group reported a profit of $103...

Henley Group reported a profit of $103 million for its first quarter, contrasted with a $83-million loss for the year-ago period. The La Jolla-based manufacturing, chemicals and financial services concern, attributed the results to a $165-million gain from the sale of its M. W. Kellogg Co. unit. Henley, which is in the midst of a corporate restructuring, said the 1987 first-quarter loss also reflected a $65-million charge in connection with modifications of its credit support agreement with Allied-Signal.