Marsh & McLennan Companies' 155 percent upswing in third-quarter net profit shows the company has turned a corner and is on the road to recovery, the firm's chief executive declared today.
"We've rebounded," declared Michael G. Cherkasky, president and chief executive officer of the New York-based professional services firm MMC, during a conference call with analysts who seemed pleased with the latest results.
In the third quarter, MMC reported net income increased $107 million, from $69 million, or 12 cents a share in 2005, to $176 million, or 31 cents a share. Revenues grew by $105 million, or 4 percent, from $2.78 billion to $2.88 billion.
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