The quarterly financial reports of retail forex broker FXCM Inc (NYSE:FXCM) have been increasingly difficult to decipher.
On paper, FXCM only reported a $60.5 million net profit for Q2 on earnings of $70.6 million. Which looks terrific. However a number of accounting charges mask what is really going on.
Our analysis indies that FXCM's 'company' is indeed doing OK, but it's having difficulty dealing with its large loan from Leucadia. Back in Q2 FXCM paid tens of thousands of dollars to Leucadia (in actuality, that's where nearly all of its EBITDA went), but FXCM still owes Leucadia the exact same amount it did in the end of Q1.
https://www.leaprate.com/2016/08/fxc...192-5-million/