Western Union has reported a net income of $185.7m for the first quarter of 2015, a decline of 9% from $203.9m reported a year ago.
For the quarter ended 31 March 2015, the money-transfer company reported total revenue of $1.29bn, 2% from $1.32bn in the year-ago quarter due to the impact of the stronger US dollar.
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The company’s operating margin was 19.9% in the quarter compared to 20.6% in the first quarter of 2015.
The company attributed the decline in operating margin to incremental investment in technology and the impact of foreign exchange.
Western Union said that its consumer-to-consumer (C2C) revenues during the quarter increased 1% constant currency, and reported revenues declined 2%. C2C transactions increased 3% in the quarter.
Consumer-to-Business (C2B) revenues fell 1% in the first, or increased 12% on a constant currency basis. Western Union Business Solutions revenues rose 1%, or 6% on a constant currency basis.
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By GlobalDataWestern Union president and CEO Hikmet Ersek said: "The first quarter was in line with our expectations, as our business continued to show resilience despite a still challenging global environment.
"Results were led by continued strong performance from Westernunion.com and the U.S. outbound consumer money transfer business, and we also made further investments in capabilities to drive future growth."
