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Thomson Reuters swings into profit after restructuring

The news and financial information giant Thomson Reuters said on Wednesday it had swung into profit in the first quarter following a long restructuring.

NEW YORK: The news and financial information giant Thomson Reuters said on Wednesday it had swung into profit in the first quarter following a long restructuring.

The New York-based firm said it posted a profit of US$282 million in the quarter, following a US$31 million loss a year earlier and a deficit in the fourth quarter of 2014.

"We are off to a solid start and the first-quarter's performance is consistent with our full-year expectations," said James Smith, chief executive of Thomson Reuters.

"Overall, I am pleased with the trajectory of the business. We continue to make progress, building out a scalable platform for sustainable growth."

The rebound comes following major cuts a year ago of thousands of jobs in its finance division, which provides the terminals used by many financial professionals.

Revenues for the group were down marginally at US$3.1 billion, with the financial unit seeing flat sales.

The Reuters news agency saw a two percent dip in revenues to US$79 million for the quarter.

The group said it returned some US$264 million to shareholders in the first quarter through share repurchases.

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