Monex Group Reports Preliminary Results for Fiscal 2014: Revenues Higher by 50% y/y

Weak final quarter for the company did not dent much better figures for fiscal 2014, largely driven by the company's

monexlogoJapanese Monex Group Inc. has reported its preliminary results for the fiscal year ending on March 31st 2014. In a statement issued earlier today, the company’s CEO Oki Matsumoto reported that total operating revenue for the year came out at $533 million (¥54.7 billion), which is 51% higher than in fiscal 2013.

Monex Group’s Income before taxes totalled to $164 million (¥16.8 billion), while the net figure totalled to $100 million (¥10.3 billion) for the fiscal year ending on March 31st 2014. The revenue figures for the final quarter of fiscal 2014 have dipped slightly lower when compared to the third quarter, marking a decline of 10% to $117 million (¥12 billion), while net income dropped in the final quarter by almost 60% to $10.1 million (¥1.03 billion).

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While the revenue numbers for the final quarter of fiscal 2014 are similar to the ones reported in the summer quarter (Q2) ending on September 30th 2013, the bottom line figures are lower by 30%. It is unclear where the company saw rising costs in its final quarter as the figures provided in the preliminary results lack sufficient detail. Monex Group has announced that it will be issuing its full year financial results on April 30th 2014.

The Group has also reported on the results of its subsidiary Monex Inc. which is the securities brokerage firm at the core of Monex Group Inc. It saw operating revenues rising by 63% over fiscal 2013 to $365.5 million (¥37.5 billion), while the bottom line has almost tripled to $139.6 million (¥14.3 billion). The result is driven largely by revenues from stocks and ETF’s trading, which almost doubled, whilst the FX arm of the company’s business, OSE-FX suffered a year-on-year decline in the total value of commissions of 28.5% to $1.27 million (¥130 million).

While the year looks solid from a financial perspective, the FX business of the company appears to be suffering from more competitive offerings and declining volatility throughout the year. Record figures during the first months of the fiscal year have not contributed to a better yearly performance of Monex Inc’s OSE-FX unit.

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