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.
City A.M. Reporter