Foreign exchange and CFDs brokerage FXCM Inc. (NYSE:FXCM) has just released its financial results for Q1 2017 and full year 2016, having had its metrics take a dive year-over-year although it was able to generate positive Adjusted EBITDA of $6.7 million in the first quarter ending March 31, according to a corporate statement.
Detailing the results, FXCM’s net revenues under the US GAAP for Q1 2017 came in at $45.9 million, constituting a drop of -35.8 percent when compared with $71.5 million in the same quarter a year ago.
Adjusted EBITDA was also weaker across a quarterly timetable, revealing a figure of $6.7 million, down -35 percent vs. $10.3 million in Q1 2016.
In terms of FXCM’s net income, the company achieved a net loss of $28.2 million, compared to $11.5 million in net loss during the first quarter of 2016.
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Coupled with a breakdown of its Q1 2017 financial results, FXCM revealed selected information about its results in the fiscal year ending December 31, 2016.
Spastically, FXCM reported total net revenues at $284.1 million in 2016, down 29.3 percent year-over-year when weighed against $402 million in 2015.
Finally, FXCM saw a reported net profit of $128.2 million in 2016, compared to a net loss of $554 million registered back in the year prior.
Brendan Callan, CEO of FXCM, commented: “In the first quarter of this year we were able to generate positive Adjusted EBITDA of $6.7 million in a difficult environment of low volatility. This is in large part due to a substantial cost reduction effort that leaves us well positioned for profitability moving forward.”
“With the recently announced sale of our stake in FastMatch, we expect our balance sheet to further improve as we continue to pay down our debt to Leucadia. We remain very optimistic about the future of our business,” he added.