Monex Group, a Tokyo-based financial services company, has announced its first-half financial results of its fiscal year ending March 31, 2019. The firm, which operates a number of brokerages worldwide, experienced a solid period – with revenues and profit up.
Taking a look at the firm’s operating results, Monex Group recorded a total revenue of ¥26.8 billion ($239.3 million). This is an increase of 6.3 percent year-on-year. From this, operating revenue was also up on an annual basis, jumping by 6.8 percent from ¥24.6 in the first half of 2017 to reach ¥26.4 in H1 of 2018. The overall profit for Monex Group was ¥1.7 billion as of the first half.
Monex Inc Profit Dragged down by Low Market Trading Volumes
Japanese brokerage Monex Inc, a subsidiary of Monex group, experienced a profit of ¥800 million. This is down by 13 percent from the first quarter. According to the report released by the firm, profit was dragged down by a decline in market trading volume, which drove brokerage commissions down. The Tokyo-based broker did see an increase in forex income during the second quarter.
Did COVID-19 Save the Forex Industry?Go to article >>
Moving to the Asia Pacific region, Monex Boom Securities managed to increase its revenue on a quarter-on-quarter basis. This was mainly due to active trading by one of the brokers largest clients. Monex Securities Australia, on the other hand, weighed down the region as it has only recently begun operations. As a result, the region experienced a segment loss of ¥6 million.
Coincheck, a cryptocurrency exchange, yet again weighed down the team in terms of revenues. This is because following the exchange being hacked, its service has been suspended since January of this year. As a result, Coincheck only allows existing customers to sell their cryptocurrency.
This means it can only achieve a limited revenue stream, resulting in a segment loss of ¥600 million. At present, the exchange is working towards resuming its full service, as it has improved its governance, internal control, and internal audit.