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Nets Losses a Drag on Forest City Profits

Forest City Enterprises, Bruce Ratner's parent company, has announced record revenues and profits for 2005, but said profits would have been higher if not for "the increased loss for The Nets". FCE owns 15% of the Nets but is responsible for 38% of its losses, and said in its filings that the Nets had an operating loss of $6.5 million for the three months prior to January 31 and $21.5 million for the full year. The report noted progress in acquiring land for the Nets' new Brooklyn arena.