Portfolio Recovery's profit jumps 83%

Portfolio Recovery Associates Inc., which buys pools of consumer debt and attempts to collect it, reported Wednesday that its income leapt 83 percent in the quarter ended Sept. 30.

The Norfolk-based company said it earned $18.5 million, or $1.08 per share, in the third quarter, compared with $10.1 million, or 65 cents a share, a year earlier.

Revenue for the quarter rose 39 percent to a record $95.5 million, while operating expenses climbed 26 percent. During the quarter, Portfolio purchased 68 portfolios of debt with a combined face value of $1.38 billion for $92.5 million.

Portfolio's stock slipped 83 cents in trading Wednesday to close at $64.43 a share before the earnings announcement.