Willis' net income for Q1 2011 drops by £103m
Willis Group Holdings first quarter results for 2011 have revealed a reported net income of $34m (£20.6m), or $0.20 per diluted share, compared with $204m, or $1.20 per diluted share, in the same period a year ago.
The global broker said the result was impacted by a $97m charge related to the 2011 operational review and $171m make-whole amounts related to the repurchase and redemption of senior notes and write-off of unamortized debt issuance costs.
Willis said adjusted net income per diluted share, which excludes the impact of the items mentioned above, was $1.28 in the first quarter of 2011 compared with $1.27 in the first quarter of 2010.
Total reported revenues for the first quarter of 2011 were $1
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