GULF RESOURCES AND CHEMICAL CORP <GRE> 4TH QTR Oper shr profit 34 cts vs loss 53 cts Oper net profit 3,337,000 vs 4,881,000 Revs 32.7 mln vs 49.6 mln Year Oper shr profit 20 cts vs loss 90 cts Oper net profit 2,374,000 vs loss 9,381,000 Revs 126.9 mln vs 160.5 mln NOTES: Operating net excludes loss 6,050,000 dlrs, or 64 cts a share, vs loss 24,839,000 dlrs, or 2.61 dlrs a share, in quarter and loss 6,050,000 dlrs, or 64 cts a share, vs profit 64,013,000 dlrs, or 6.27 dlrs a share, from discontinued operations 1986 loss from discontinued operations includes 6.0 mln dlrs charge, equal to 64 cts a share, to provide for additional liabilities resulting from the 1981 closure of lead, zinc and silver mining, smelting and refining business 1986 year operating net includes pre-tax gain of 5.3 mln dlrs, equal to 56 cts a share, from pension plan termination and gain of 5.2 mln dlrs, or 56 cts a share, from reduction in deferred taxes Effective Jan 1, 1987, company changed oil and gas accounting to successful efforts from full cost, increasing 1986 year net 9.2 mln dlrs, or 98 cts a share, and increasing 1985 loss 4.3 mln dlrs, or 43 cts a share. The cumulative effect of the change was to decrease retained earnings at Dec 31, 1986, by 14.0 mln dlrs