Virtu Financial, Inc. (VIRT) has reported a 10.61 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $8.97 million, or $0.22 a share in the quarter, compared with $8.11 million, or $0.22 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $32.89 million, or $0.24 a share compared with $36.82 million or $0.27 a share, a year ago.
Revenue during the quarter dropped 3.54 percent to $170.65 million from $176.90 million in the previous year period. Non-interest income for the quarter fell 6.24 percent over the last year period to $159.19 million.
However, the adjusted EBITDA for the quarter stood at $64.77 million compared with $71.87 million in the prior year period. At the same time, adjusted EBITDA margin contracted 267 basis points in the quarter to 37.96 percent from 40.63 percent in the last year period.
"The 4th quarter was really the tale of two very different quarters. The quarter began similar to the third quarter with muted volumes and volatility and that was upended with the US Presidential election with much more favorable market conditions that were sustained throughout November and early December. We view Virtu's solid performance and profitability in this quarter and the full year 2016 to be a testament to the resiliency and sustainability of our business model and the product of our singular focus on broad diversification and scale. We believe with the new pro-growth and pro-business environment in Washington that the stage is set for return to a more normalized volume and volatility environment globally and we look forward to creating more value for our shareholders," said Douglas Cifu, chief executive officer of Virtu Financial.
Investments stood at $2,180.13 million as on Dec. 31, 2016, up 24.54 percent or $429.62 million from year-ago. Shareholders equity was at $535.77 million as on Dec. 31, 2016.
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