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21 May 2024

Western Union earnings drop

By Reuters

Western Union, the world's largest payment transfer company, posted lower fourth-quarter earnings due to restructuring expenses and slowing remittances. The company said revenue would fall between two per cent and five per cent in 2009 on a constant currency basis, and between five per cent to eight per cent on a GAAP basis.

"There will be some parts of the world that will have pretty stressed economic scenarios and clearly we think that will have a negative impact on our revenue this year," said Chief Executive Christina Gold.

The business trend in January was pretty consistent with the firm's fourth quarter performance, with strength in the Middle East, Philippines and India, and challenges in the US and Europe, Gold said.

Western Union said net income fell to $240 million (Dh880m) from $243 million a year earlier.