Thomson Reuters lifts profit, revenues drop

Financial news and information giant Thomson Reuters saw a rise in profit in the first quarter after a long restructuring effort, as revenues took a hit from the strong dollar.

The New York-based company said net profit rose eight percent from the same period last year to $305 million, while revenue dipped three percent to $3.04 billion.

President and chief executive James Smith said "2015 is off to a solid start as we continue building our sustainable platform for growth."

The financial information unit, which competes with rivals such as Bloomberg, was especially impacted by currency movements, with revenues down six percent at $1.6 billion. On a constant currency bases, the revenues were unchanged.

Reuters news, which competes with AFP, saw revenues dip six percent compared with a year ago to $74 million.