Thomson Reuters says profits rise in first quarter

May 07, 2009
A signboard is displayed at the Thomson Reuters building in Canary Wharf in London, 2008. Financial information provider Thomson Reuters said that operating profit rose two percent in the first quarter of the year despite challenging market conditions.

Financial information provider Thomson Reuters said Thursday that profits climbed in the first quarter of the year despite challenging market conditions.

Underlying increased to 588 million dollars (437 million euros) in the three months to March 31, compared with 576 million dollars for the same period one year ago.

surged 17.5 percent to 228 million dollars, while revenues eased three percent to 3.1 billion dollars, Thomson Reuters added in a results statement.

"Our ability to continue delivering ... in these challenging markets demonstrates the strength of our business model, the choice of sectors in which we participate," said Thomas H. Glocer, .

Thomson Reuters was created in April 2008 after Canada's Thomson Corp bought Britain-based Reuters.

"We recently marked the one-year anniversary of the Reuters acquisition, and the integration is ahead of plan and has gone very well," added Glocer.

"While the financial markets remain difficult, we are well positioned with services which promote transparency, manage risk and automate manual processes."

Thomson Reuters was created on April 17, 2008, after the takeover by Thomson Corp of Reuters for 8.7 billion pounds. The results were calculated on a pro-forma basis as if Thomson Corp and Reuters had been trading as a combined group from January 1, 2007.

The creation of Thomson Reuters combined Thomson Corp's presence in the United States with Reuters' penetration of markets for trading, financial and business information in Britain and continental Europe.

The group now spans sectors including accounting, finance, healthcare, law, media and science.

Thomson Reuters, which has 50,000 staff across the world, is headquartered in New York and has staff in 93 countries.

Its key competitors for financial news are US rivals and Dow Jones. The latter was bought by Rupert Murdoch's News Corporation in 2007.

According to a recent independent estimate, Thomson Reuters has 34 percent of the financial data market, compared with Bloomberg's 24 percent.

(c) 2009 AFP

Explore further: Global, Chinese automakers debut new car models

Related Stories

Verizon 1st-qtr profit, revenue beat expectations

Apr 27, 2009

(AP) -- Verizon Communications Inc. said Monday its earnings grew 5 percent in the first quarter, boosted by its acquisition of Alltel Corp. and strong demand for its wireless, Internet and TV services.

Apple 2Q profit gains 15 percent, beats Street

Apr 22, 2009

(AP) -- Strong sales of the iPhone helped Apple Inc. lift its quarterly profit 15 percent, well ahead of Wall Street's expectations Wednesday despite the global economic downturn.

Rupert Murdoch, Tom Glocer support Microsoft-Yahoo merger

May 29, 2008

Two media titans, Rupert Murdoch and Tom Glocer, the head of Thompson Reuters, said they support a partnership between computer giant Microsoft and Internet giant Yahoo, after a deal between the two companies fell apart in ...

Recommended for you

IBM earnings dip as sales fall again

7 hours ago

Technology heavyweight IBM reported Monday lower profits in the first quarter following another drop in revenues, this time partly due to the strong dollar.

Global, Chinese automakers debut new car models

19 hours ago

Ford showed off its new Taurus and Nissan unveiled a midsize sedan designed for China on Monday at a Shanghai Auto Show that highlighted the commercial resurgence of lower-priced Chinese auto brands.

Germany still has some way to go to 'smart factories'

Apr 19, 2015

Collaborative robots and intelligent machinery may have wowed the crowds at this year's Hannover Messe, but experts see German industry as having some way to go towards incorporating them on factory floors ...

Taiwan factory workers win $18 mn over cancer deaths

Apr 17, 2015

Workers from a factory in Taiwan which leeched toxic chemicals they say resulted in 200 deaths from cancer and more than 1,000 other cases of the disease won a Tw$564.45 million ($18 million) payout from US electronics company ...

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.