Investment Technology Group Inc (ITG) has reported a 93.06 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $5.72 million, or $0.17 a share in the quarter, compared with $82.34 million, or $2.40 a share for the same period last year. On an adjusted basis, net profit for the quarter stood at $5.33 million, or $0.16 a share compared with a net loss of $2.48 million, or $0.07 a share in the last year period.
Revenue during the quarter plunged 46.65 percent to $119.59 million from $224.17 million in the previous year period. Non-interest income for the quarter fell 48.79 percent over the last year period to $100.89 million.
However, the adjusted EBITDA for the quarter stood at $18.67 million compared with $8 million in the prior year period. At the same time, adjusted EBITDA margin improved 1204 basis points in the quarter to 15.61 percent from 3.57 percent in the last year period.
Commenting on the results, ITG president and chief executive officer, Frank Troise, said, “We are pleased with the positive momentum in our business, as demonstrated by strong sequential revenue growth across all of our regions, improved profitability in our international operations and consistent market share gains in the U.S. We are focused on building upon this momentum through continued execution of our Strategic Operating Plan, which is enhancing ITG’s ability to deliver best-in-class client solutions in liquidity, execution, analytics and workflow technology,” he concluded.
Assets, liabilities fall
Total assets stood at $775.28 million as on Dec. 31, 2016, down 55.61 percent compared with $1,746.38 million on Dec. 31, 2015. On the other hand, total liabilities stood at $370.12 million as on Dec. 31, 2016, down 70.81 percent from $1,267.97 million on Dec. 31, 2015.
Shareholders equity stood at $405.16 million as on Dec. 31, 2016, down 10.92 percent or $49.66 million from year-ago.
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