KVB Kunlun’s financial performance improves in Q1 2016 driven by forex market volatility

KVB Kunlun’s financial performance improves in Q1 2016 driven by forex market volatility

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Financial service provider KVB Kunlun (HKG:8077) generated a consolidated income of HKD  105.8 million in the first three months of 2016, postng an annual growth of 88%. Its net profit jumped 93.7% over the year to HKD 24.4 million in January-March. The significant growth in both income and profit was contributed to the the higher trading volume and the high volatility of the forex market during the three months under review, the company said in its latest financial report.

Income from leveraged forex and other trading activities amounted to HKD 90.8 million in the first quarter, which is 116% higher compared to the same period a year earlier. Fees and commission accounted for HKD 15.1 million of the group total income in January-March, compared to HKD 7.7 million in the first quarter in 2015.

KVB Kunlun expects the retail forex market competition to remain high in the upcoming years. To increase its competitive advantage, the company intends to expand its trading products portfolio in the second quarter of the year, placing a strong emphasis on contracts for difference (CFDs) instruments. Moreover, it is seeking new business opptorunities in the Chinese commodities market.

XAU/USD continued to be the most popular trading product in the first quarter of the year, followed by USCRUDE, CHINA300 and EUR/USD.

KVB Kunlun provides financial services, including leverage trading in forex, index contracts for difference (CFDs), precious metals, commodities, but also physical forex and securities trading. The group companies are licenses by regulators in New Zealand, Australia, Canada and Hong Kong.

The group consists of the companies KVB Kunlun Pty Ltd., KVB Asset Management Company Ltd., KVB Kunlun New Zealand Ltd., KVB Kunlun International(HK) Ltd., KVB Kunlun Securities(HK) Ltd., KVB Kunlun Asset Management(HK) Ltd., KVB Kunlun Canada Inc., KVB FX Ltd., and KVB FX Pty Ltd.

Source: HKEX

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