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Earlier today Japanese FX broker MONEX Group issued its financial metrics for October 2014, with the results appearing health and further underscoring the rosy picture that volumes across the retail Forex sector presented last month.
October turned out to be a strong month for MONEX Group, with operating revenues having increased 8.8% over September, which was the first strong month for some time. October’s results serve toward continuing a trend that the FX broker had already witnessed in September this year, pointing toward a degree of stabilization for the company.
Operating revenues in October 2014 amounted to JPY 4.6 billion (USD 39m), which marks a rise of 10.6% against the level of JPY 4.16 billion, Moreover, the October numbers are 8.8% higher than the JPY 4.23 billion in revenues seen in September 2014.
The series of positive news continues, as MONEX Group has managed to decrease its costs month-on-month. The company’s financial expenses in October amounted to a reatively humble JPY 475 million, which is 5% lower than the level recorded in September 2014. It also marks success of the company’s efforts to reduce its corporate outlay, signifying that the cost-cutting program which MONEX Group undertook about a year ago has so far shown remarkable results.
Thanks to the decline in expenses, the amount of revenues stripped off financial costs and also marked a steady rise in October: net revenues rose to JPY 4.13 billion, compared with JPY 3.73 billion in September 2014.
The solid financial metrics the broker reported for October are in tune with the robust FX volumes it recorded last month, as FX firms all over the world benefited from the uptick in volatility.
The significant improvement in performance in October 2014 also points out that MONEX has made the right call concerning its business strategy and offering. Apparently, traders’ activity has continued undeterred by the recent decision of the broker to abandon MetaTrader 4, a platform that has been quite popular in other regions, including Russia, which is an increasingly important market, further demonstrating MONEX Group’s popularity within its domestic market.
To view the official announcement regarding MONEX Group’s financial results, click here.