Fairfax Financial Holdings Ltd. is reported reduced earning for the second quarter ended June 30.

Net earnings for the quarter fell 45% to $46.0 million from $83.6 million last year. Net earnings per share for the quarter decreased to $3.27 per share this year from $5.95 per share last year.

Total revenue for the quarter was $1.53 billion up from $1.49 billion a year ago.

The financial services holdings company says the lower earnings in the second quarter were mainly due to lower realized gains and interest and dividends offset by a lower combined ratio. The combined ratio for the first half of 2001 was 109% compared to 111% last year.