Thomson Reuters swings to profit,
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NEW YORK, Feb 13 AFP
February 14 2013, 01:28AM
The financial news and information firm Thomson Reuters has reported its profit for the fourth quarter was $US372 million ($A362.91 million), and said its rebound was on target.
The results followed a loss in the same period a year earlier of $2.6 billion, due to a large writedown on its financial services business.
Thomson Reuters, which is incorporated in Canada and has its headquarters in New York, said its full-year 2012 profit rose to $2.1 billion from $1.4 billion the prior year.
The adjusted profit per share amounted to 60 cents a share in the past quarter, slightly better than expected on Wall Street.
Revenues grew five per cent to $3.4 billion over the quarter and were down four per cent for the year at $13.3 billion.
"2012 was a watershed year for us," said chief executive James Smith.
Smith said 2012 "will best be known as the year we turned the tide in our financial & risk business. I said last year that our journey would entail a multi-quarter turnaround; we are halfway through that process."
Thomson Reuters was created in 2008 with Canadian media giant Thomson Corp's takeover of British-based Reuters. It operates a number of financial and legal information services as well as the Reuters news agency.