Rakuten Securities Inc, one of the largest foreign exchange brokers in Japan, has reported its financial results for the fiscal year ending March 31, 2017, which were characterised by lagging revenues and profits, according to a Rakuten statement.
Rakuten Group plans to announce consolidated financial reports for the three months ended March 31, 2017, on May 11, 2017.
For FY 2017, Rakuten Securities revealed that revenues from continuing operations pointed lower, coming in at ¥46.7 billion ($419.5 million), a loss of -15.1 percent YoY from ¥55.0 billion ($494.2 million) in 2016.
Rakuten Securities yielded an operating income of ¥16,745 million ($150.4 million) during the 12 months ending March 31, 2016, a loss of -31.9 percent from ¥24,606 million ($221.0 million) in the year earlier.
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The same narrative was noted across the profit attributable to owners of the parent company (net income), with the figure coming in at ¥12,010 million ($107.9 million) which is lower by -21.5 percent compared to its 2016 equivalent.
In terms of overall assets, Rakuten currently holds ¥990.6 billion ($8.90 billion), an increase of 13.5 percent from ¥872.8 billion ($7.84 billion) at the end of the previous fiscal year.
Rakuten Securities noted that it made JPY 2,988 million net gain in FY 2016 on trading of investment securities for sale which was included as a part of its operating revenue. However, it did not have any impact on the group’s income for first quarter ending March 31, 2016, but only affected the net assets part of the balance sheet.
Rakuten Securities is one of the largest Japanese FX brokers, and operates regional businesses including in Hong Kong, following an acquisition of one of FXCM’s prior businesses nearly three years ago.
Back in September 2016, the Hong Kong subsidiary, Rakuten Securities HK, launched a brand new forex account service under the name Rakuten FX. The move follows the expansion of Rakuten Securities in the APAC region after the company acquired last month 100 per cent of the shares in Australian foreign currency broker FXAsia Pty Ltd.