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Willis Group quarterly profit slips on restructuring charge

SAN FRANCISCO (MarketWatch) — Willis Group Holdings Ltd. said Wednesday its first-quarter profit fell due to a restructuring charge. The insurance broker said net income for the period ended in March fell to $166 million, or $1.16 a share, from $169 million, or $1.10 a share in the same period a year earlier. Meanwhile revenue rose to $795 million from $739 million. “The results for the first quarter 2008 were significantly impacted by charges totaling $33 million for severance and other costs,” Willis Group said in a statement. The company has said it expects to incur total charges in 2008 of between $65 million and $85 million, which should result in savings of between $25 million and $35 million in 2009.

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Original post by Forextvblog

This entry was posted on Wednesday, April 30th, 2008 at 6:42 pm and is filed under Daily Forex Analysis. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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