Monex Group Posts 457% Gain in Q1 Profits, Crypto Business Dominated
- Out of the total ¥11.1 billion in pre-tax profits, ¥9 billion was generated by the crypto exchange, Coincheck.
Monex Group, which operates several Japanese brokerages and a cryptocurrency exchange, published its financials for the first quarter of the ongoing financial year, the three months between April 2021 and June 2021. The figures show a massive jump in overall jump in all key metrics.
According to the official numbers, the consolidated group revenue came in at more than ¥27.32 billion, which almost doubled year-over-year from the previous year’s similar quarter with ¥14.3 billion. Out of the total, ¥27 billion was generated directly from operations.
Despite the astronomical revenue surge, the company kept its expenses in check. The quarterly expense remained ¥16.2 billion, compared to the previous year’s ¥12.3 billion.
Additionally, the profits of the group skyrocketed with a pre-tax amount of ¥11.1 billion that went down to ¥7.28 billion after taxes. These numbers were only ¥1.99 billion and ¥1.41 billion, respectively, last year. Further, the basic earnings per share jumped to ¥28.18 from ¥5.57.
Crypto Ruled
Monex categorizes its business usually in five segments: Japan, US, crypto assets, Asia-Pacific and Investment. Surprisingly, the profits from the crypto segment dwarfed all other businesses with a total profit of ¥9 billion, resulting from the termination of payout to former shareholders.
Monex dived into the crypto industry with its acquisition of crypto exchange Coincheck, which was struggling after a massive security breach, but it is now flourishing. Moreover, the Group pointed out that crypto trading volume on Coincheck remained high in the quarter due to the market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term. Also, it detailed that revenue dependence on Bitcoin trading declined as altcoin‘s revenue contribution increased. Only 12 percent of Coincheck revenue was generated from Bitcoin trading.
“Coincheck focuses on expanding the number of supported coins and offers the highest number of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term for trading among Japanese crypto-asset exchanges,” the Japanese Group noted.
Meanwhile, brokerage businesses from Japan brought in ¥2.1 billion in revenue, while the US and Asia-Pacific segments generated ¥0.2 billion and ¥0.1 billion, respectively.
Monex Group, which operates several Japanese brokerages and a cryptocurrency exchange, published its financials for the first quarter of the ongoing financial year, the three months between April 2021 and June 2021. The figures show a massive jump in overall jump in all key metrics.
According to the official numbers, the consolidated group revenue came in at more than ¥27.32 billion, which almost doubled year-over-year from the previous year’s similar quarter with ¥14.3 billion. Out of the total, ¥27 billion was generated directly from operations.
Despite the astronomical revenue surge, the company kept its expenses in check. The quarterly expense remained ¥16.2 billion, compared to the previous year’s ¥12.3 billion.
Additionally, the profits of the group skyrocketed with a pre-tax amount of ¥11.1 billion that went down to ¥7.28 billion after taxes. These numbers were only ¥1.99 billion and ¥1.41 billion, respectively, last year. Further, the basic earnings per share jumped to ¥28.18 from ¥5.57.
Crypto Ruled
Monex categorizes its business usually in five segments: Japan, US, crypto assets, Asia-Pacific and Investment. Surprisingly, the profits from the crypto segment dwarfed all other businesses with a total profit of ¥9 billion, resulting from the termination of payout to former shareholders.
Monex dived into the crypto industry with its acquisition of crypto exchange Coincheck, which was struggling after a massive security breach, but it is now flourishing. Moreover, the Group pointed out that crypto trading volume on Coincheck remained high in the quarter due to the market Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term. Also, it detailed that revenue dependence on Bitcoin trading declined as altcoin‘s revenue contribution increased. Only 12 percent of Coincheck revenue was generated from Bitcoin trading.
“Coincheck focuses on expanding the number of supported coins and offers the highest number of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term for trading among Japanese crypto-asset exchanges,” the Japanese Group noted.
Meanwhile, brokerage businesses from Japan brought in ¥2.1 billion in revenue, while the US and Asia-Pacific segments generated ¥0.2 billion and ¥0.1 billion, respectively.