Thomson Reuters profit dips after reorganization

Financial information and media group Thomson Reuters said Thursday that its profits fell 15 percent from a year ago following a major restructuring.

Profits in the third quarter fell to $231 million from $271 million the same period a year ago.

Revenues meanwhile edged higher by 0.7 percent to $3.1 billion.

"It is particularly encouraging to see sales trends continue to improve in both our financial and legal businesses alongside consistent strong performance from our other units," chief executive James Smith said.

"We are delivering on our overarching objective: building a platform for higher, more sustainable and more profitable future growth."

Last year, the company announced 5,500 job cuts, mostly in the financial information unit that provides terminals for stock market professionals.

The company also includes the Reuters news agency, whose revenues for the quarter were down 3.7 percent from last year at $79 million in the quarter.

Thomson Reuters was created in 2008 with Canadian media giant Thomson Corp's takeover of British-based Reuters. It operates a number of financial and legal information services, as well as Reuters news.