Tokyo-based electronic commerce and internet giant Rakuten Inc. today reported its consolidated financial results for the quarter ending March 31, 2017, which showed strong and steady growth across key operating metrics compared to 2016.
Stocks to Watch This Week – Expedia Group, IncGo to article >>
One of the group’s subsidiaries, 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 two years ago.
For Q1 2017, Rakuten Inc. revealed that revenues from continuing operations pointed higher, coming in at ¥212.07 billion ($1.86 billion), a gain of 17.6 percent YoY from ¥180.30 billion ($1.58 billion) in the three months ending March 31, 2016. Additionally, Rakuten group yielded an operating income of ¥40.4 billion ($354 million) during the three months through to March 2017, a gain of 73.2 percent from only ¥23.3billion ($204 million) the year earlier.
The same narrative was noted across the net income metric, with the group’s profit in Q1 2017 coming in at ¥ 25.3 billion ($222 million) which is up 107.0 percent compared to ¥12.09 billion ($106 million) in Q1 2016.
Earlier this month, 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).