Dukascopy Bank, a major Swiss brokerage catering to foreign exchange and CFDs traders, has reported total revenues of $14.63 million (CHF 14.05 million) for the first half of 2017, ending July 31, 2017. This is a drop of 17% from the second half of 2016 and an 18% drop from its revenues in H1 2016, when it had achieved record revenues.
Operating expenses jumped to $15.5 million (CHF 14.9 million), an increase of 11% from the second half of 2016.
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A combination of lower revenues and higher operating expenses led to an operating loss of $939,282 (CHF 901,711), as opposed an operating profit of $3.4 million (CHF 3.3 million) over the second half of 2016, marking a downturn in the fortunes of the company after a record year in 2016.
This has led to a total profit of only $5,530 (CHF 5,309) in the first half of the year, as opposed to a total profit of $2.56 million (CHF 2.46 million) in the second half of 2016.
Compared to the first 6 months of 2016, business volumes have increased 7 percent in the first 6 months of this year and now stands at a monthly average of $63.8 billion (CHF 61.6 billion).
This year, Dukascopy has maintained its diversification strategy by expanding its CFD offering and reduced its minimum commissions on single stock CFDs in a bid to stay relevant in an increasingly competitive industry. It also announced the introduction of a new version of its web platform earlier in the year.