Lower prices see Western Union suffer

City A.M. Reporter
WESTERN Union, the world's largest money transfer company, last night reported a 14 per cent drop in quarterly profit as price cuts reduced transaction fees from its core consumer business.

Net income fell to $212m (£136.5m), or 37 cents per share, in the first quarter, from $247.3m, or 40 cents per share, a year earlier.

Total revenue fell five per cent to $1.33bn, while revenue from its consumer business, which accounts for nearly 80 per cent of total business, fell seven per cent in the quarter. It blamed price cuts and compliance changes.