Hong Kong FX broker KVB Kunlun Financial Group Ltd (HKG:8077) has earlier today published its financial metrics for the first quarter of 2016, with profits up in annual terms as forecast but down from the preceding quarter.
The Group posted a total income of approximately HK$105.8 million for the three months ended March 31, 2016, an 88% increase from approximately HK$56.2 million for the corresponding period in 2015. The result was also higher than in the final quarter of 2015.
The Group recorded a profit of approximately HK$24.4 million for the first three months of 2016, nearly two times higher than in the corresponding period a year earlier, but down from the preceding quarter.
Earnings per share amounted to HK$1.20, in line with a profit alert issued earlier this year.
The company noted that the trading conditions were favorable in the first three months of 2016, as the overall market volatility was relatively high throughout the period. XAUUSD was the most traded product, followed by USCRUDE, CHINA300 and EURUSD.
The broker adds that the retail margin Forex trading market is highly competitive and forecasts this high level of competition to persist in the coming year and in the foreseeable future.
Regarding its future offering plans, KVB says it will be expanding its lineup of CFD trading products, with the addition of new trading products expected in the second quarter of 2016.
You can view the full report from the broker by clicking here.