Japanese brokerage Monex Group Inc today published its preliminary quarterly consolidated financial results for the first half of the fiscal year ending 31 March 2017 (1 April - 30 September , 2016), revealing a notable decline in both revenues and profits.
Financial Metrics of Monex Group Inc
For H1 2016, Monex’s results showed a total operating revenue of $211.6 million (¥22.1 billion), compared with $276.7 million (¥28.9 billion) or a decline of -23.9 percent compared with the same period last year.
Monex’s H1 2016 profits have also taken a massive hit at $957,689,000 (¥100 billion), compared with last year’s $50.6 million (¥5.3 billion) or a decrease of -98.1 percent.
Monex Inc Subsidiary Financial Metrics
The brokerage has also published its quarterly financial metrics for its wholly-owned subsidiary, Monex Inc, for the first half of the fiscal year ending 31 March, 2017 (1 April - 30 September).
Operating revenue for H1 2016 revealed a figure of $138 million (¥14.5 billion) representing a notable decline of -24.2 percent against last year’s $182.9 million (¥19.1 billion).
Ongoing Challenges
Over the past year Monex’s trading volumes have declined substantially when compared to the previous year, in part due to the sale of its US and Australian FX business to OANDA.
In what has been a challenging year for the brokerage, Monex also reduced the headcount of its US centered TradeStation unit, cutting about 100 employees in response to declining trading volumes in the US market.
