Thomson Reuters Q2 Profit Down 54% On Merger Costs

Posted Tuesday, August 12, 2008 12:00 am

By: E&P Staff Thomson Reuters said Tuesday its second-quarter earnings fell 54% to $172 million, or 22 cents a share, mostly on the cost of merging the two media and financial information giants.

Calculating as if the merger of Reuters Group with Thomson, which closed in April, had occurred a year ago, revenue would have been up 11% to $3.4 billion in the period, and operating profits up 15% to $708 million.

Thomson Reuters reported its revenue jumped 73% to $3.1.3 billion for the newly merged company.

"We are encouraged by the robust revenue growth which we achieved despite the backdrop of a challenging economic environment," Thomson Reuters CEO Thomas H. Glocer said in a statement.

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Thomson Reuters Q2 Profit Down 54% On Merger Costs

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