KVB Kunlun sees Q1 revenues drop 21%, profits off 68%

KVB Kunlun Financial Group Ltd (HKG:8077), the Hong Kong-focused retail Forex broker, has earlier today posted its financial metrics for the quarter to the end of March 2015. Whereas numbers compared favorably with the results recorded in the first quarter of 2014, they substantially lagged behind the achievements seen in the final quarter of 2014.

Revenues for the first quarter of 2015 amounted to HK$56.2 million (US$7.25 million), marking a drop of 21% against the result seen in the fourth quarter of 2014, when revenues totaled HK$ 71.1 million.

Comprehensive income for the first quarter of 2015 amounted to HK$7.78 million, down by massive 68% against the result recorded in the preceding quarter.

If we have to provide a positive piece of news, then we should mention annual comparisons, as the profit for the first quarter of 2015 compared with a loss recorded in the first quarter of 2014. Revenues more than doubled on an annual basis – in the first quarter of 2014 they totaled HK$ 24.3 million.

KVB Kunlun Q1 2015 results (1)

Commenting on the results, the management mentioned the volatility in the FX and commodity markets, as a primary factor for the positive profit result in the first quarter of 2015. The company also boasted a triple rise (against the first quarter of 2014) in the number of clients, as well as a five-time increase in the amount of clients’ deposits.

The Board has recommended and approved the payment of first quarterly dividend of 2015 of HK0.618 cent per ordinary share. The dividend will be paid on or around June 1, 2015 to shareholders whose names appear on the register of members of the Company as at the close of business on Friday, 22 May 2015.

To view the official announcement by KVB, click here.

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