(MENAFN) Thomson Reuters Corp posted a 15 percent drop in quarterly operating profit on weaker revenue and higher costs at its division that serves the financial industry, Reuters reported.
The media giant said it made USD585 million in operating profit during the third quarter, down from USD690 million a year earlier. Profit margin fell to 18.5 percent from 21.6 percent in the same period a year ago.
Reuters' revenue was affected by problems facing some of its clients, such as banks and brokerages that are reducing staff and trimming costs to cope with increased regulation and the struggling global economy.
Reuters' legal division revenue increased 1 percent to USD830 million on growth in Latin America and products such as legal resource provider FindLaw Elite.
Governance, Risk & Compliance divisions reported 17 percent in quarterly revenue, while Tax & Accounting reported an 8 percent growth.
However, the company's trading business reported an 8 percent drop in revenue to USD816 million in the quarter.
The trading performance weighed down the company's operating profit, which fell to 585 million from 690 million.
The company is seeking to move away from some older legacy products since the 2008 merger of Thomson Corp and Reuters Group Plc, and focus on its flagship financial product Eikon, its new desktop for financial professionals.
Thomson Reuters reported that its Eikon desktops totalled 25,600 at the end of the third quarter, up about 35 percent from the end of the second quarter.