Hong Kong-focused retail Forex broker KVB Kunlun Financial Group Ltd (HKG:8077) today issued an upbeat profit forecast for the first six months of 2015, which managed to send shares in the company steeply up, helping them to reverse a downward move exhibited last week as Chinese and Hong Kong stock markets crumbled.
The company announced today that it will see a substantial increase in revenues and net profit in the first half of 2015 when compared with the same period a year earlier.
For the six months ended 30 June 2015, KVB Kunlun expects to record an unaudited consolidated profit after tax attributable to equity holders of at least HK$35 million ($4.52 million), a number which marks a nearly sixfold rise from HK$5.85 million result seen in the first half of 2014.
KVB Kunlun attributed the upbeat outlook to higher trading volumes due to market volatility, currency translation gains and a rise in the number of new clients.
The positive profit alert obviously added a momentum to the recovery of KVB’s share prices, a recovery that started late last week. At the moment of publication of this article one share in the broker trades for HK$1.18, up 12.38% from Friday’s close.
Chart source: Google Finance.
To view the official press release by KVB Kunlun, click here.
The official audited metrics for the relevant period are set to be published around August 7, 2015.