Japan Outperforms Global Units as Monex Group Reports Q3 Results

Monex Group has reported its preliminary Q3 financial report for the period ending December 31st, 2014, for both its global and Japanese Monex Inc companies. During the quarter, Monex Group’s operating revenues were above 2013 figures, but the overall fiscal year after the first nine months trails that of last year.

Total operating revenue was reported at ¥14.057 billion ($119 million) versus ¥13.316 billion in the same period in 2013. Net income though, declined to ¥2.104 billion from ¥2.485 billion in 2013. Total fiscal year results for the first nine months declined to ¥36.9 billion from ¥42.668 billion in 2013. Net income during the first nine months also dropped to ¥1.8 billion from ¥9.259 billion in the same period last year.

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Better Luck in Japan

The Monex Inc company, which is composed of Monex Group’s Japanese online securities brokerage, fared better than the overall group during Q3 and for the entire year. During the third quarter, Monex Inc Net Operating Revenue rose to ¥8.346 billion from ¥8.143 billion from the same period in 2013, with Net Income increasing to 1.823 billion from ¥1.280 billion. For the first nine months of the fiscal year though, Total Operating Revenue fell to ¥24.183 billion from ¥29.871 billion in 2013. Similarly, Net Income fell to ¥3.732 billion from ¥7.042 billion.

Overall, the outperformance of the Japanese brokerage unit can be attributed to increased volatility in the yen during the last three months of 2014, which buoyed both forex and commission-based securities trading at Monex. Also, non-Japanese figures were hampered by the contraction of its IBFX brand, of which the majority of accounts were sold to FXCM in September 2014 as Monex ceased supporting MetaTrader 4.