Dukascopy Turns Profit in H1 2019, But Revenues Remain Flat YoY

FX broker Dukascopy has unveiled its financial statement for the first-half period ending June 30, 2019. The Geneva-based firm’s latest report was characterized by positive metrics in areas ranging from operating income to revenues, underpinning its guidance for the full year.

Specifically, the forex bank witnessed a slight decrease in its operating revenues, which came in at $14.23 million (CHF 13.98 million) – this figure is almost unchanged from CHF 13.99 million reported back in the same period a year ago.

In terms of its operating income, however, the figure put together a strong year-over-year performance relative to 2018, having yielded a profit of $1.07 million (CHF 1.05 million) compared to an operating loss of CHF 41,137 for the six months ending June 30, 2018.

The broker’s ultimate bottom-line figure, which factored out interest receivable and other income, has also improved to a net profit of $737,447 (CHF 724,987) in the first six months of 2019, compared to an operating loss of $190,317 (CHF 187,117) during the same period a year ago.

Lower expenses underpin earnings

Meanwhile, the positive earnings could be attributed to a notable drop in operating expenses which totaled CHF 12.9 million in H1 2019 from CHF 13.99 million for the six months through June 2018.

The figure was even lower in dollar terms despite the slight change in revenues from a year earlier, in line with the company’s pledge late last year to keep expenses under control over the next few years.

The latest results comes after a downturn for the FX bank in 2018, with the Swiss firm incurring its first annual loss in several years. Specifically, Dukascopy reported its operating losses at a figure of CHF 1.1 million ($1.07 million) for 2018, compared to a slight profit of nearly CHF 100k in the previous year. Dukascopy gained CHF 2.5 million back in 2016.