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Japan's MONEX Fails to Cut Expenses in Dec'2013

MONEX Group Inc. - Japan's online Forex broker, today published final statistics for the last quarter of 2013, with data showing some lag in the company's efforts to cut expenses. As you know,  MONEX undertook program to reduce operational expenses after the second-quarter results showed that total operating revenues had declined by 27% from the preceding quarter, while net income at JPY 1.57 billion had dropped by 70% quarter-on-quarter.  In order to tackle the problem, the group not only announced plans to offer a variety of platforms to its Japanese and global customers but also to slash expenses by JPY 2.69 billion thanks to streamlining of trading systems and information services by March 2017.

 
And the cost-cutting efforts have been going well with November's financial expenses down from the levels seen in October 2013, but December 2013 presented us with a picture of rising costs: the financial expenses amounted to JPY 447 million (USD 4.4m), up by 23% from the JPY 363 million in financial costs registered in November 2013. 
 
 
The result weighed on the figure for the third quarter of the fiscal year of MONEX (it ends on March 31, 2014) – financial expenses rose by 19.2% against the second quarter. On the brighter side, overall expenses fell slightly 1.6%. This was mainly due to the successful cost-cutting in the United States, the subsidiary there was the single one to manage to slash expenses in the third quarter. 
 
The rest of the figures for the third quarter (the October-December 2013 period) were solid, with the Japanese business performing particularly well, as Monex's revenues in Japan jumped by 11% quarter-on-quarter to JPY 9.5 billion. Total revenues for the three month period amounted to JPY 13.54 billion, up by 9.1% from the second quarter, while net income for the third quarter soared 62% to JPY 2.54 billion.
 
As you know from our previous article, the trades and volumes did well in December 2013, so the group is positioned well. In case you want to see some particular stats, check out the official press release on the third-quarter results here
 

About Monex Group Inc.

 
Monex Group Inc is an online securities brokerage providing advanced financial services to individuals and investors. The company is considered a pioneer among Japanese online securities brokers, and its services cover M&A advisory, debt & equity underwriting, asset management focusing on alternative investments, investment education, and other investment banking functions. Monex Group has offices throughout Asia, and the recent acquirement of brokers TradeStation and IBFX opened its way to the US market as well.
TAGS: monex  monex forex broker  monex group  forex broker japan  results 2013  financial expenses  cost cutting  revenues  2013  third quarter  fiscal year  profit  us business 

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