Investment Technology Group Inc (ITG) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $23.91 million, or $ 0.73 a share in the quarter, against a net profit of $2.71 million, or $0.08 a share in the last year period. On adjusted basis, net loss for the quarter stood at $2.76 million, or $0.08 a share compared with a net profit of $4.18 million, or $0.12 a share in the last year period.
Revenue during the quarter dropped 13.47 percent to $104.18 million from $120.41 million in the previous year period. Non-interest income for the quarter fell 9.36 percent over the last year period to $84.97 million.
However, the adjusted EBITDA for the quarter stood at $5.48 million compared with $17 million in the prior year period. At the same time, adjusted EBITDA margin contracted 886 basis points in the quarter to 5.26 percent from 14.12 percent in the last year period.
Commenting on the results, ITG president and chief executive officer, Frank Troise, said, “We remain focused on executing on our strategic operating plan which includes investing in ITG’s global capabilities in liquidity, execution, analytics and workflow solutions. We are determined to address legacy issues, including through our efforts to reach a settlement of the SEC regulatory inquiry concerning pre-release ADRs.”
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