Shares in Hong Kong FX broker KVB Kunlun Financial Group Ltd (HKG:8077) opened higher today after the company published a positive profit alert for the first quarter of 2016.
The board of directors of the company has reviewed the unaudited management accounts for the three months ended March 31, 2016 and, based on the review, forecasts that the profit attributable to equity holders of KVB for the first three months of 2016 is expected to be approximately 190% of that in the corresponding period of 2015.
The substantial rise in profits was mainly attributed to higher trading volume as a result of market volatility and increased commission income.
KVB Kunlun saw its net profit jump 170% year on year in 2015, but the last quarter of last year was rather weak, with revenues down 40% from the third quarter.
Chart source: Google Finance.
For the full announcement from KVB Kunlun, click here.