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Companies

Coincheck posts operating profit of $491m for fiscal year

Recovering from huge theft, cryptocurrency exchange boasts 86% operating margin ratio

TOKYO -- Monex Group on Thursday released earnings results for the fiscal year through March of its cryptocurrency exchange unit Coincheck, which it bought on April 16.

The cryptocurrency exchange's sales stood at 62.6 billion yen ($572 million), while operating profit came to 53.7 billion yen. Its operating margin ratio was as high as 86%, indicating the company's high-margin business model.

Coincheck handles 13 cryptocurrencies, including Bitcoin. Its primary source of revenue is the commission known as "spread," or the premium it adds to the purchase price when delivering to customers.

The company posted an extraordinary loss of 47.3 billion yen in the previous fiscal year, as it refunded NEM cryptocurrency, which had been stolen by hackers, in January to retail investors. Its net profit stood at 6.3 billion yen.

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