The Japan-based financial services company, Monex Group released its financial results for the first quarter of the fiscal year ending March 31, 2024 (April 1, 2023 to June 30, 2023). In the three-month period, the group reported an impressive performance in profit and revenue after turning around losses from its business in the US.

Monex’s operating revenue increased 16% to JPY ¥19 billion (USD $136 million) in the quarter compared to the corresponding period of last year. Its profit more than doubled as it increased 142% year-over-year to JPY ¥2.3 billion (USD $16.5 million) during the quarter. Similarly, the company’s earnings per share increased to JPY ¥9.42 from JPY ¥3.58.

TradeStation Business Segment

Monex’s major revenue segments include the Japanese business segment, the US business (TradeStation Securities), and the crypto asset segment. TradeStation Securities reported JPY ¥1.4 billion (USD $10 million) in revenue, which is an increase for the reported quarter from a loss of JPY ¥2 billion (USD $14 million) in the corresponding quarter of 2022.

For the reported quarter in 2023, the Japanese business declined 28% to JPY ¥1.7 billion (USD $12 million), while the crypto asset segment also made a loss of JP ¥396 million (USD $2.8 million). However, in contrast, it succeeded in making a profit of JP ¥415 million (USD $3 million) in the same period last year. Additionally, Monex’s investments segment saw an uptick of 35%, while the Asia-Pacific business sank deeper into losses as it reported a loss of JP ¥45 million (USD $323,000).

Monex’s Quarterly Expenses

Monex’s expenses increased 0.71% to JP ¥19.6 billion (USD $13.7 million) during the quarter compared to the same period last year. The increase was reported despite a drop in administrative expenses to JP ¥17.3 billion (USD $12.4 million).

In June, Bloomberg Law reported that Quantum, a special purpose acquisition company, had dropped its lawsuit of USD $50 million against Monex Group. The SPAC had sued the group for allegedly sabotaging a planned acquisition deal that could have taken the online broker public.

Besides that, Finance Magnates reported that Monex Group had announced changes in its senior management across Monex, Inc., Coincheck (cryptocurrency trading platform), and Japan Catalyst, among its other subsidiaries, in June. Yuko Seimei currently leads the executive team as the President, Representative Executive Officer, and CEO.