Hong Kong forex broker KVB Kunlun announced Q3 results, revenue down 42% Q/Q


Share prices rally 6.25% on dividend announcement

Hong Kong listed medium sized brokerage KVB Kunlun (HKG:8077) has announced that during the third quarter of 2013 it has reported a marked decline in revenue numbers from last quarter. While being in line with the trend observed in the rest of the industry, the revenue numbers have declined a whopping 42% from the second quarter. The company’s revenue numbers remain better than a year ago.

The revenue numbers came out at $36.9 mln HKD ($4,7 mln USD) with last quarter’s numbers being reported at $63.7 mln HKD ($8.2 mln USD). While the year on year numbers look better with gains mildly better at 10%, the quarterly numbers are way down. Although they are consistent with the rest of the industry, the decline is a much steeper one when compared to most other brokerages — FXCM Q3 revenues were down 19% from Q2, Gain Capital revenues were off 17% in Q3, Monex Group Japan revenues dropped 27%…

The company’s profitability after tax has shrank quarter on quarter from $15 mln HKD ($1.9 mln USD) to barely $2.7 mln HKD (350,000 USD). Despite that, the company is still paying dividends of 0.675 HK cents per ordinary share with the distribution announced for December the 3rd. Despite the decline in revenues, share prices rallied 6.25% during Honk Kong trading hours to 0.425 HK cents with the numbers seemingly already priced in and with the quarterly dividend announced boosting demand.

For the full earnings report by KVB Kunlun (HKG:8077) click here.

For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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Hong Kong forex broker KVB Kunlun announced Q3 results, revenue down 42% Q/Q

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