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Tcl Associates Reports Quarter Two Financial Results
Total Articles: 13
Aug. 08, 2013 - CHUO-KU, Japan -- TCL Associates on Wednesday announced its consolidated financial results for the second quarter of the calendar year ending December 31st 2013.
Net revenue in the second quarter increased 14% compared with the same period last year, and income before taxes was 11% higher. Net income for shareholders jumped by 10%.
“We had an excellent second quarter with revenues increasing across the firm and income steadily rising and year on year income from our core business segments is at the highest level in four years,” said Mr Souta Tochigi Chairman of the Board of Directors.
“Our retail division performed better than expected with sales up significantly from the last quarter of last year, largely due to an increase in sales of equities and investment funds when the Japanese markets began to rally in April and May. Asset management reported higher revenues and income as assets under management increased. Our Equities and Investment Banking Divisions reported gains in revenues also due to the Japanese market rally.” said Robert Todd a Senior Market Analyst at TCL Associates.
“We are continually in the process of lowering our base costs and building a platform for earnings to contribute to economic growth by implementing high value solutions as a global investment bank.” commented Mr Souta Tochigi.
Divisional Performance Breakdown:
The retail department reported net revenue increased by 18% from last quarter and Income before taxes grew by 37%. In April and May the Japanese markets rallied driving solid sales of stocks and investment trusts. Total sales increased by 9% as the firm delivered products that are suited to client needs.
The asset management department reported that net revenue increased 11% compared with the same period last year. Income prior to taxes grew by 60% from the previous quarter. Investments into trust related business was up by 32%. The department has had its strongest revenues since quarter four 2007.
Equities and Investment Banking
Equities and investment banking reported net revenue jumped by 15% on the back of solid performance of the Japanese and American markets.
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