Costa Mesa, Calif. Apria Healthcare Group continued its turnaround story in the third quarter, ended Sept. 30, racking up a net profit of $18.9 million, or 35 cents a share, compared with a net loss of $194.7 million, or $3.76 a share, for the same period a year ago. Net revenues for the quarter were $237.4 million, compared with $219.4 million last year.

Chief executive officer Philip Carter pointed out that the results mark the fourth consecutive quarter of positive earnings and quarter-over-quarter increases. The company, which a year ago saw its stock fall to $2.56 a share after peaking at $34 in 1996, went through a restructuring last year that included installing a new management team, cutting a percentage of its work force and selling unprofitable operations.

It also developed a long-term strategy of acquiring other companies. Toward that end, officials said last month, Apria has amended its bank credit agreement that would allow it to purchase businesses for an aggregate price of up to $125 million.

The amended agreement also would permit the company to repurchase its common stock for up to $50 million over a two-year period, officials said.-S.H.