Mego Financial Corp., a home improvement lender and time- share financier, painted a mixed profit picture for fiscal 1996.

Its home improvement subsidiary, Mego Mortgage, reported an 90% rise in net income, to $6.92 million, for the fiscal year ended Aug. 31. The division also reported an 84% increase in revenues, to $25 million.

However, the company's time-share and land development division, Preferred Equities Corp., had net income of $882,000, compared with net of $6.3 million in fiscal 1995.

The decline was attributed to lower-than-expected loan volume. Delays in construction of resorts in Steamboat Springs, Colo., and Orlando halted sales, said Jerome J. Cohen, president of Mego Financial.

The parent company also owns Central Nevada Utility Co., which serves Pahrump Valley, near Las Vegas.

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