Capital Guaranty Corp.'s second-quarter net income was $3.8 million, or 41 cents per share, a decrease of 15.5% from the $4.5 million and 52 cents per share reported in the second quarter of 1993, the company said yesterday.

For the six months ending June 30, 1994, Capital Guaranty reported net income of $7.5 million, or 81 cents per share, compared with $8 million, or 92 cents per share, in the first half of 1993, before the cumulative effect of a change in income tax accounting.

The bond insurer attributed the profit declines mainly to fewer refundings, according to Robert E. Dennis, senior vice president and chief financial officer.

Premiums earned from refundings during the second quarter were $0.1 million, or one cent a share, compared with $1.4 million, or 17 cents a share, in the second quarter of 1993. Premiums earned from refundings in the first half of 1994 were $0.9 million, or one cent per share, compared with the $2.2 million, or 26 cents per share, that refundings brought in for the first six months of 1993.

Net premiums earned in the second quarter of 1994 were $2.7 million, compared with $3.8 million from the second quarter of 1993. For the first half of 1994, net premiums earned were $7.7 million, a decrease from the $7.9 million in net premiums in the same period in 1993.

Capital Guaranty's stock closed at 15 on the New York Stock Exchange yesterday.

-- Laime Vaitkus

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