Virtus Investment Partners (VRTS) has reported 5.37 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $13.03 million, or $1.62 a share in the quarter, compared with $12.36 million, or $1.45 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $8.60 million, or $1.16 a share compared with $9.50 million or $1.12 a share, a year ago.
Revenue during the quarter went down marginally by 0.65 percent to $79.78 million from $80.30 million in the previous year period. Total expenses were 87.41 percent of quarterly revenues, up from 84.12 percent for the same period last year. That has resulted in a contraction of 328 basis points in operating margin to 12.59 percent.
Operating income for the quarter was $10.05 million, compared with $12.75 million in the previous year period.
However, the adjusted operating income for the quarter stood at $13.51 million compared to $15.21 million in the prior year period.
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