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Screenshot of a breaking news alert e-mail from Q2 2017
Hong Kong based retail forex broker KVB Kunlun Financial Group Ltd (HKG:8077) reported a very large rise in revenues and profits (and virtually every other measure) for the second quarter of 2015, confirming our earlier exclusive report that KVB would see very nice results in Q2.
The raw numbers – Revenues at KVB rose to an all-time high of HK$98.5 million (USD $12.7 million), more than 75% above Q1’s HK$56.2 million and more than triple last year Q2’s HK$32.8 million.
And on the bottom line Q2 was not as profitable as Q4-2014, but at HK$15.2 million (USD $2.0 million) Net Profit was nearly double the profit of Q1.
KVB shares barely budged on the news, trading up just 2.1% on the day on the HKEx to close at HK$0.96, in part because we had reported earlier the good profit expectation, and the results were already baked into KVB’s share price.
KVB’s new controlling shareholder CITIC Securities Company Limited (SHA:600030) of China seems content to continue sitting at its current 59% ownership level, letting its offer to minority shareholders expire at the end of June. However that offer was for the ‘lowball’ price of HK$0.65 a share.
For the complete KVB Q2 financial report click here.