The Monex group, a company that also controls the crypto exchange Coincheck, announced excellent financial results for the third quarter of 2018, with a new record in comparison to 2017.
In a not brilliant economic situation and with the crypto market in decline, the company recorded revenues of 40.78 billion yen or about 320 million euros. Monex controls a number of trading, financial and crypto services, including TradeStation, Boom Hong Kong and also Coincheck.
In the same quarter of 2017, Monex’s consolidated financial results were 38.89 billion yen, up 4.86% in 2018.
Given the corporate structure, the largest contribution comes from revenues from operating activities, which grew by 4.53%, The success of sales has not yet been transferred to profits, or at least this was the situation of the first nine months of 2018: in fact, the net profit in that period was equal to 2.59 billion yen, compared to 4.55 billion yen in the same period in 2017.
Monex operates in several markets, from the USA to Japan and Southeast Asia. The last quarter of 2018 saw a strong development of the Japanese market with an increase of 36% compared to the previous year.
In this market, the additional sales were mainly due to the growth of the forex sector, where for the first time the company reached a market share of 1.5% of the total. Growth was also excellent in the USA, while losses were recorded in the Southeast Asian market, also due to the strong competitiveness of the sector.
In the crypto sector, Monex’s subsidiary, Coincheck, has fully resumed operations, even though it still recorded losses of 300 million yen in the third quarter, a negative result but a clear improvement compared to the 600 million of losses in the second quarter.
Coincheck was the victim of a hacker attack in the first quarter of 2018 so serious as to undermine its chances of survival, which led to the entry of Monex.
The company is undergoing a major update of its image and website, with the aim of improving access to information and also focusing the attention of shareholders and customers on the overall quality of the company and its environmental commitment.