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KVB Kunlun turns a profit of HK$33 million in 2013 compared with previous year’s loss. Share price rises 3.7% on HKEX.
Hong Kong-based FX broker KVB Kunlun has today released its full annual report for 2013, that income generated from leveraged FX during 2013 amounted to HK$135,543,000, representing a considerable 43% leap from the previous year’s loss-making HK$86,951,000.
The resultant profit for 2013 stood at HK$34,774,000 which is a stark contrast to 2012’s loss of HK$1,749,000. Having recently acquired a license to operate in mainland China, KVB Kunlun had hinted at its aspirations for the near future. The annual report confirms the company’s line of thinking, detailing that KVB Kunlun’s strategy going forward includes expansion of operations in the worldwide overseas Chinese and Japanese communities, and strategic growth through acquisitions.
KVB Kunlun’s share price has increased by 3.7% subsequent to the publication of its annual report.
Whilst KVB Kunlun is domiciled in Hong Kong, the majority of the firm’s income from external customers is derived from its operations in New Zealand. The result of its income from external customers in New Zealand was also significantly higher during 2013 than it was in 2012, weighing in at HK$147,048,000 compared with the previous year’s HK$96,261,000
Of interest to shareholders in KVB Kunlun, earnings per share increased to HK$1.90, reflecting a profit, compared with the negative figure of 0.11 the previous year.
In terms of current assets, KVB Kunlun lists 56,594,000 in derivative FX contracts, compared with HK$36,571,000 one year previous, and current liabilities for 2013 were valued at HK$ 2,579,000 in derivative FX contracts, marking a reduction in liabilitities from the HK$7,178,000 in 2012.
To read the entire annual report, click here.