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28 February, 2024 18:03 IST
PRA GROUP first-quarter profit jumps 50.60 percent on a YOY basis
Source: IRIS | 22 May, 2017, 05.41PM

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PRA GROUP (PRAA) has reported 50.60 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $48.17 million, or $1.03 a share in the quarter, compared with $31.98 million, or $0.69 a share for the same period last year.      

Revenue during the quarter dropped 8.15 percent to $206.56 million from $224.88 million in the previous year period. Total expenses were 74.22 percent of quarterly revenues, up from 68.48 percent for the same period last year. That has resulted in a contraction of 574 basis points in operating margin to 25.78 percent.

Operating income for the quarter was $53.26 million, compared with $70.89 million in the previous year period.

"PRAs cash collections in the first quarter exceeded our expectations while cash operating expenses remained controlled. We are pleased with the progress made in increasing our collector workforce in the U.S. to the appropriate level. Both our existing collector workforce and our new hires continue to impress us with their work ethic and commitment to compliance," said Steve Fredrickson, chairman and chief executive officer, PRA Group. "Our cash efficiency ratio, measured as cash receipts less operating expenses divided by cash receipts, of 61% continues to compare well with previous years even with the impact of our current regulatory environment with its greater costs and negative impact on revenue. We are also pleased with our first quarter investment, particularly in the U.S., where we see gradually improving volumes and pricing."

Debt comes down
PRA GROUP has recorded a decline in total debt over the last one year. It stood at $1,708.69 million as on Mar. 31, 2017, down 9.90 percent or $187.74 million from $1,896.42 million on Mar. 31, 2016. Interest coverage ratio deteriorated to
2.51 for the quarter from 3.55 for the same period last year.   Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]



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