Money transfer firm Western Union has posted a net income of $173.1m for the first quarter of 2019.
This is a 19% slump from last year’s income of $213.6m.
The firm had returned to profit in the previous quarter.
Operating income for the quarter ended 31 March 2019 was $251.2m, down 5% from $264.9m in the same quarter of 2018.
First quarter highlights
The firm’s revenue was $1.34bn for the three-month period ended March 2019, a fall of 4% from $1.39bn in the previous year.
Consumer-to-Consumer (C2C) unit revenues dipped 3% on a reported basis as transactions increased 2%.
On a constant currency basis, C2C revenues were stable.
The performance was hit by declines in US domestic money transfer and sends originated in the Middle East and Asia Pacific.
Westernunion.com C2C revenues soared 17%, and 19% on a constant currency basis, on transaction growth of 19%.
Western Union Business Solutions revenues dropped 1% on a reported basis.
On a constant currency basis, revenues of Western Union Business Solutions rose 4%.
The firm attributed the rise to strong performance in Asia Pacific and Europe.
Other revenues, which mainly include US and Argentina bill payment operations, decreased 9%.
Western Union president and CEO Hikmet Ersek said: “We expect revenue growth and profit margins to improve over the course of the year, as we gain traction with new opportunities and face less-challenging comparisons.”