Western Union has reported a net income of $212.1m for the fourth quarter of 2018, versus a net loss of $1.12bn in the same period last year.

Operating income for the three months to December 2018 stood at $271m. In the comparable quarter in 2017, the company’s posted an operating loss of $251.9m.

Western Union Q4 results: the highlights

The company generated revenue of $1.4bn during the quarter, down 3% from a year ago.

The company’s Consumer -to-Consumer (C2C) unit revenues dropped 1% on a reported basis.

Furthermore, on a constant currency basis, C2C revenues rose 1%. Transactions were up by 4%.

The company attributed the rise in constant currency revenue to sends originated in Latin America and Europe.

Westernunion.com C2C revenues surged 21% on a reported basis, and 22% on a constant currency basis, on transaction growth of 25%.

Western Union Business Solutions revenues also rose 3%, or 5% on a constant currency basis.

The increase was said to be due to growth in payments and foreign exchange services.

Other revenues, which primarily comprise US and Argentina bill payments businesses, dropped 11%, or increased 10% on a constant currency basis.

Western Union president and CEO Hikmet Ersek said: “Strong digital growth continues to drive our results.

“Westernunion.com money transfer transaction growth accelerated to 25% in the quarter, while overall margins were solid. Our customers have consistently demonstrated their resilience, even in periods of slowing global economic growth.”