Income fell sharply in the third quarter for Portfolio Recovery Associates Inc., a debt purchaser that buys and collects delinquent credit card portfolios.
The Norfolk, Va., company last week reported net income of $10.1 million for the third quarter, down 12.2% from a year earlier. Revenue was unchanged at $68.6 million, according to a filing with the Securities and Exchange Commission.
Portfolio Recovery purchased $1.75 billion of face-value debt for $76.7 million during the third quarter. This debt was acquired in 100 portfolios from 12 different sellers.
During the same quarter a year earlier, Portfolio Recovery purchased $857 million of face-value debt in 56 portfolios from 19 different sellers for $52.3 million.
