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Monex Sees Revenues Drop 10% M/M in Jan'2014

The new year started in a dismal way for financial services expert Monex, the owner of Japan-based Forex broker Monex Inc, with revenues staging a plunge in January and the group failing to cut expenses for one more month.

 
According to data, published today, overall operating revenues at the group amounted to JPY 4.71 billion (USD 46m), a result which was 9.6% lower than in December 2013, when the revenues reached JPY 5.21 billion. The net operating revenues were also down month on month – they fell 14.3% to JPY 4.08 billion. The comparisons on an annual basis were better: overall operating revenues totalled JPY 4.04 billion in January 2014, up by 17%  from levels seen in January 2013.
 
Still, the January results were rather disappointing, especially after the robust metrics reported for the October-December period of 2013. You may recall that the Japanese business performed pretty well in the three months (they consist the third quarter of Monex's fiscal year): revenues in Japan increased 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.
 
One more performance metric disappointed in January 2014 – the financial expenses reading. These costs stood at JPY 641 million in the first month of the new year, marking a rise of massive 43.4% from the December 2013 reading. This jump in financial expenses comes amid efforts by the group to slash them – by JPY 2.69 billion thanks to streamlining of trading systems and information services by March 2017. And while the efforts started in the autumn of 2013, so far only the U.S. business of the group has managed to produce significant savings.
 
This said, we should note that Monex continues with restructuring and streamlining of operations. Today the company announced a set of organizational changes at the Japanese Forex broker Monex Inc - the Quality Management Office and the Operation Planning Office ate integrated. Apparently, more such changes are in store for the group.
 

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 group  monex inc  monex forex broker  japan forex broker  forex performance  corporate performance  forex revenues  operating metrics  financial metrics  january 2014  january  financial expenses  costs  revenues 

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