Rakuten Securities Inc, one of the largest foreign Exchange (FX) brokers in Japan, has reported its financial results for the Q3 2016 ending September 30, 2016, which were emblematic of higher revenues and lagging profits, according to a Rakuten statement.
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The financial statement also covers a period over the past nine months between January 1 to September 30, 2016.
For Q3 2016, Rakuten Securities revealed that revenues from continuing operations pointed higher, coming in at ¥190,451 million ($1,790 million), a gain of 4.2 percent YoY from ¥182,705 million ($1,717 million) in Q3 2015.
However, Rakuten Securities yielded an operating income of ¥26,419 million ($248.30 million) during the three months ending September 30, 2016, a loss of -4.6 percent from ¥27,669 million ($260.05 million) in the year earlier. This figure was largely influenced by negative impact of higher operating expense which rose by 5.44 percent over the same period to ¥163,029 million ($1,531 million).
The same narrative was noted across the YTD results, with operating revenues coming in at ¥559,357 million ($5,254 million) which is up 8.7 percent compared to its 2015 equivalents, while the net income dropped 9 percent when weighed against the same nine months ending September 30, 2015.
In terms of overall assets, Rakuten currently holds ¥4,278,402 million ($40,185 million), an increase of ¥8,449 million from ¥4,269,953 million ($40,106 million) at the end of the previous fiscal year. Moreover, net cash flows from operating activities for the nine months ended September 30, 2016 amounted to ¥60,247 million ($566.06 million) compared with a cash inflow of ¥29,555 million ($277.69 million) for the same period of previous fiscal year.
Back in September, the Hong Kong subsidiary, Rakuten Securities HK, has 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.
