Full KVB results due for release next week, but preliminary filing states that a loss in 2012 has turned into a profit for 2013
One of the Far East’s prominent executing venues, the Hong Kong Exchange (HKeX) has today released internal information relating to publicly listed FX broker KVB Kunlun (HKG:8077) for the year ended December 31, 2013 in advance of the company releasing its own results, which are due for announcement next week.
Within the filing, Liu Stefan, Executive Director of KVB Kunlun Financial Group Ltd asserts in a notice to shareholders that as a result of a preliminary review by the board of directors of the company based on unaudited management accounts of the Group, that the board of directors expects that KVB Kunlun will report 2013 as having been a profitable year for the firm.
This contrasts to the net loss having been made during 2012, which was a year of low volumes industry-wide, with today’s filing citing the increase in leveraged foreign exchange and other trading income earned from external customers during the year ended 31 December 2013 as the main reason for the company’s change of fortune. This indeed is congruent with the majority of industry participants, especially those operating within the Far Eastern markets, where volumes soared during 2013, tailing off toward the end of the year, but not reducing to the levels experienced during the same period in 2012.
With the KVB Kunlun share price having risen today by 5%, it is likely that a profitable year has been recorded for 2013.
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