Franklin Resources, Inc. (BEN) has reported a 16.73 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $420.70 million, or $0.74 a share in the quarter, compared with $360.40 million, or $0.61 a share for the same period last year. Revenue during the quarter went down marginally by 0.82 percent to $1,600.60 million from $1,613.90 million in the previous year period. Total expenses were 65.29 percent of quarterly revenues, down from 66.71 percent for the same period last year. This has led to an improvement of 141 basis points in operating margin to 34.71 percent.
Operating income for the quarter was $555.50 million, compared with $537.30 million in the previous year period.
"Investment performance continued to strengthen across a broad base of Franklin, Templeton and Mutual Series strategies during our second fiscal quarter," said Greg Johnson, chairman and chief executive officer of Franklin Resources, Inc. "In fact, 84% of our equity and hybrid assets outperformed their respective peer group average for the one-year period, representing the highest overall percentage since 2013. Driven by this continued improvement in investment performance, our long-term sales have increased 24% from the previous quarter, most notably international retail sales."
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