Rakuten Securities Inc, one of the largest foreign exchange brokers in Japan, has reported its financial results for the fiscal first quarter ending June 30, 2017, which were characterised by lagging revenues and profits, according to a Rakuten statement.
Rakuten Group plans to announce its consolidated financial reports for the six months ended June 30, 2017, on August 7, 2017.
For FY Q1 2017, Rakuten Securities revealed that its operating revenues pointed slightly higher, coming in at ¥12,521 million ($112.17 million) during the three months through June 30, 2017, a flat change from ¥12,405 million ($111.13 million) reported back in the same period a year earlier.
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In addition, the company yielded a net income of ¥ 3,172 million ($28.4 million) during Q1 2017, down 31.1 percent year-over-year from ¥4,610 million ($41.29 million) in Q1 FY 2016.
In terms of total net assets, as of June 30, 2017, Rakuten held ¥83.10 billion ($744.3 million), a loss of 5.0 percent from ¥87.4 billion ($783.18 million) at the end of the previous fiscal quarter.
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 the 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.
Earlier in May, Finance Magnates reported on Rakuten Securities when the company was granted regulatory approval in Malaysia via a joint venture with Kenanga Investment Bank Berhad. The latest iteration of the joint venture between Rakuten Securities and Kenanga Investment Bank Berhad builds on an existing partnership dating to April 2016, in which both venues agreed to collaborate on providing online brokerage services through Rakuten Trade Sdn Bhd (formerly Known As EB Global JV Sdn Bhd).