Willis Group Holdings Limited third-quarter net income dropped 25 percent on a tax gain and other expenditures, but unlike competing brokers it reported new business growth.
The London-based brokerage said net income dropped $22 million to $67 million, a drop of 10 cents a share to 46 cents. Revenues rose 6 percent, or $31 million, to $574 million compared to the same period last year.
The firm said the results were impacted by a $91 million net of tax gain on the sale of the firm's London headquarters and expenditures related to its restructuring.
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