Shinjuku, Tokyo -- (SBWIRE) -- 01/20/2014 -- Shibata Futures reported its financial results for 2013. Revenues for 2013 were $746 million, compared with $ 549 million recorded during 2012. Operating income was $92.6 million in 2013, compared with the $94.1 million reported in the year-ago period.
Shibata Futures’s net income increased to $16.6 million compared with the $15.5 million reported last year, primarily due to a tax benefit recorded in 2013.
Financial results for 2013 included a net tax benefit of $1.1 million resulting from the Company's decision to indefinitely reinvest all of the earnings of its international operations as part of its strategy to expand its business globally.
Commenting on the Company's financial results, Daito Souta, Chairman and Chief Executive Officer, stated: "Revenues and operating income declined in 2013 as compared to 2012, but we remain on track to meet our financial guidance for 2013 Shibata Futures’s performance during 2013 and our outlook for the year of 2014 reflect the continued strength of the commodity sector and our success in positioning Shibata Futures in some of the fastest growing segments of these markets. While capital spending in the power and industrial and commercial sectors remains low, we continue to see signs of recovery in these markets, including increased project planning work by our clients, which should drive increased opportunities for our business. Our expectations for the year are supported by our continued success in winning new assignments, particularly in the commodity market which is reflected in our strong book of business."
Elizabeth Graham, Senior Strategist of Shibata Futures, said in a statement: "Shibata Futures achieved a satisfactory year net profit fully in line with expectations, despite general market conditions which reduced risk appetite in the economy and dampened capital market activities. While keeping a close eye on overall cost developments, Shibata Futures will keep its focus on expanding our products and services as well as optimizing the efficiency and profitability of our operations. Overall, we believe Shibata Futures has a solid foundation for current and future operations and we expect to continue to create value for our stakeholders."
About Shibata Futures
Shibata Futures is a leading trading advisory firm headquartered in Tokyo, Japan. Shibata Futures offers advisory services to both retail and institutional clients and operates internationally.
For more info, please visit
Press Release Source