Legg Mason Inc. reported a second straight quarterly loss because of costs to bail out money- market funds and $18.4 billion in investor withdrawals from the Baltimore-based company's stock and bond portfolios.

The net loss was $31.3 million in the fiscal first quarter ended June 30, or 22 cents a share, compared with a profit of $191 million, or $1.32, a year earlier, Legg Mason said today in a statement. Costs to prop up money funds cut earnings by $155.4 million, or $1.09 a share.

Legg Mason, buffeted by bad fund investments, has shed 48 percent of its market value in 2008. The company injected $2.15 billion into seven money funds to cover potential losses on debt issued by structured investment vehicles. Stock funds run by Bill Miller and Bruce Sherman were hit by investor withdrawals.