Toyo Securities Q1 net profit surges 113% despite revenue fall

Toyo Securities reported net profit surged 112.9% to JPY 360 million in the three months ended June 30, despite operating revenue falling 4.3% to JPY 2,816 million.

Operating profit dropped 17.1% to JPY 143 million and ordinary profit fell 20.0% to JPY 268 million.

The strong net profit increase was driven by extraordinary gains from investment security sales, which offset decreased U.S. equity trading revenue due to weak market conditions. Fund selling commissions increased during the period.