Preliminary unaudited review finds that the company is to report a net profit for the quarter that ended on September 30th
Hong Kong listed medium sized brokerage KVB Kunlun (HKG:8077) has announced that during the first nine months of this year the company is faring better than last year and it will announce net profits for the third quarter. The improvement is based on an increase in revenue from its online forex brokerage business and “other trading income”. While no further details are supplied, we are expecting the company to report earnings this Friday or early next week.
KVB Kunlun, and Israel-based CFD broker Plus500, each broke a nearly three year drought of IPOs in the retail forex sector by each going public this past July – KVB on the HKEx and Plus500 on the LSE’s AIM. However the two companies have fared very differently as public companies. As we’ve previously reported, Plus500 has traded up about 45% since going public, while KVB stock has drifted down about 18% from its IPO price (see chart below).
KVB Kunlun (HKG:8077) share price since IPO. Source: Google Finance.
KVB is a Hong-Kong based financial services company, specializing in serving overseas Chinese and Japanese clients. The company gets about 70% of its revenue from its online forex brokerage business. KVB also provides cash dealing and securities trading referral services. KVB has offices in Auckland, Sydney, Melbourne, Toronto, Hong Kong and Beijing. KVB is licensed by Australia’s ASIC, New Zealand’s FMA, and by the SFC (Securities and Futures Commission) of Hong Kong.
The announcement was based on a preliminary unaudited review. Stay tuned to LeapRate to get the full information with the release of the earnings report.
For the full press release by KVB Kunlun, click here.
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