KVB Kunlun Financial Group Limited has reported its financial metrics for the first six months of the fiscal year ending June 30, 2015, according to a KVB statement.
In particular, KVB saw its leveraged foreign exchange (FX) and other trading income at $10.38 million during H1 2015, corresponding to a jump of 88.7% YoY from $5.5 million in H1 2014. Moreover, the group saw just $690,224 in cash dealing income during H1 2015, diving -21.5% YoY from $879,542 in H1 2014.
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In terms of derivatives FX contracts, KVB had $8.95 million in unaudited current assets during H1 2015. KVB presently executes trades in foreign currencies through its FX margin trading business. The notional principal amounts of the outstanding forward FX contracts at H1 2015 and December 31, 2014 were $453.22 million and $317.15 million respectively.
The first half of 2015 also saw a staunch rise in operating expenses at KVB, having reported a figure of $13.47 million in H1 2015, climbing 62.9% YoY from $8.27 million in H1 2014 – overall, this led to a profit of $4.54 million after tax during H1 2015 at the exchange. The findings are interesting, namely as this comes after the company’s deal with Chinese investment bank, CITIC Securities Company Limited, earlier this year.
Kunlun Financial Group Limited is a financial services corporation with offices in Hong Kong and Beijing, including several Asia-Pacific locales such as Auckland, Sydney and Melbourne. The group offers a variety of services such as equities, foreign exchange and money markets.