Western Union Q3 has reported a net income of $208.6m for the third quarter of 2018.

The results show a fall of 11% compared to $235.6m in the previous year.

Operating income was $302.6m for the quarter ended 30 September 2018. This is up 11% from $272.2m in the corresponding quarter of 2017.

Western Union Q3 highlights

The company generated revenue of $1.38bn during the quarter, down 1% from $1.4bn a year ago, or an increase of 3% on a constant currency basis.

The company’s Consumer -to-Consumer (C2C) arm revenues were stable on a reported basis. Alternatively, they increased 2% on a constant currency basis. Furthermore, transactions were up by 4%.

The rise was said to be due to sends originated in Latin America, Europe, and North America.

Westernunion.com C2C revenues soared 19% on a reported basis, also 20% on a constant currency basis, on transaction growth of 23%.

Western Union Business Solutions revenues rose 1%, or 3% on a constant currency basis.

Other revenues, which primarily comprise US and Argentina bill payments businesses, dropped 9%, or rose 7% on a constant currency basis.

In addition, the company attributed the performance to strengthening of the dollar against the Argentine peso.

Western Union president and CEO Hikmet Ersek said: “Third quarter results were solid, driven by continued double-digit revenue growth from westernunion.com and strong profitability.

“Strategically, we made good progress on key initiatives, including advancing our digital expansion efforts and adding new cross-border payments opportunities.”