STOCKHOLM (Reuters) - Intrum (ST:INTRUM), Europe's biggest debt collector, reported on Wednesday a drop in first-quarter profits and said effects of the COVID-19 pandemic and portfolio revaluations weighed.
Profit before interest, tax and items affecting comparability was 1.10 billion crowns ($112.2 million) against a year-earlier 1.35 billion.
Operating profit tumbled to 459 million crowns from 1.35 billion due to portfolio revaluations totalling -636 million and lower income from participations in associated companies.
The Swedish firm said authorities' initiatives to slow the pandemic and lower activity in legal systems in March hit its business mainly in southern Europe.