Encore Capital Group, Inc. (ECPG) has reported a 14 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $22.10 million, or $0.85 a share in the quarter, compared with $25.69 million, or $0.99 a share for the same period last year. On the other hand, adjusted income from continuing operations attributable to Encore for the quarter stood at $24.76 million, or $0.95 a share compared with $34.40 million or $1.33 a share, a year ago.
Revenue during the quarter dropped 5.91 percent to $271.94 million from $289.02 million in the previous year period.
"The U.S. market for charged off receivables continues to improve as growing supply and lower prices, along with improved liquidations, contribute to increasingly favorable returns," said Kenneth A. Vecchione, President and Chief Executive Officer. "We achieved a first quarter purchase price multiple of 2.0 for new defaulted credit card portfolios, a level we haven’t seen since 2013. We believe we are well positioned to continue to benefit from these increasingly favorable trends, allowing us to take further advantage of our capital availability and collections capacity."
Assets, liabilities fall
Total assets stood at $3,764.66 million as on Mar. 31, 2017, down 1.54 percent compared with $3,823.62 million on Mar. 31, 2016. On the other hand, total liabilities stood at $3,125.19 million as on Mar. 31, 2017, down 1.09 percent from $3,159.61 million on Mar. 31, 2016.
Shareholders equity stood at $591.82 million as on Mar. 31, 2017, down 4.34 percent or $26.88 million from year-ago.
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