Mortgage investment company Altisource Portfolio Solutions S.A. (ASPS: Quote), Wednesday reported an increase in profit for the fourth quarter, reflecting strong growth at higher margin mortgage services segment. Following the announcement of results, Altisource shares are currently up ten percent on the Nasdaq.
Luxembourg-based Alticsource's fourth-quarter profit rose to $30.3 million or $1.20 per share from $25.73 million or $1.02 per share a year before.
Altisource said the bottom line growth was driven mainly by stronger service revenue growth in the higher margin mortgage services segment relative to the other segments.
Mortgage services segment rose to $92.0 million from $77.2 million last year, while financial services dropped to $14.9 million from $16.2 million last year. Technology services division advanced to $20.2 million from $15.0 million last year.
Altisource said total revenues grew to $141.1 million from $132.0 million last year.
Commenting on the results, Chief Executive William Shepro said, "2012 was a very strong year for Altisource. We focused on providing high quality services to our largest customer, Ocwen Financial Corporation, while intensifying our efforts on our strategic initiatives to diversify and expand our revenue base."
Altisource expects 2013 to be a strong year and 2014 to be even stronger, reflecting the growth recently experienced by Ocwen and its announced plans for future growth.
ASPS is currently trading at $91.44, up $7.58 or 9.04%.
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by RTT Staff Writer
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