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Quam Announces 2015 /16 Interim Results
Brokerage and Asset Management Segment Boost Revenue and Earnings Growth
HONG KONG, Nov 03, 2015 - (ACN Newswire) - Quam Limited ("Quam" or the "Group", Stock Code: 00952.hk), a Hong Kong-based financial services group, announced its unaudited interim results for the six months ended 30 September 2015 (the "Period") on 30 October 2015.
During the Period, thanks to remarkably higher contributions from the brokerage business and the asset management business, the Group recorded an after-tax profit of HK$40,772,000 (2014: after-tax profit of HK$14,613,000), an increase of 179% as compared to the corresponding period last year. Revenue of Quam amounted to HK$320,739,000 (2014: HK$196,310,000), an increase of 63% as compared to the corresponding period last year.
The Group's Board of Directors declared the payment of an interim dividend of HK1.0 cent per share for the six months ended 30 September 2015 (2014 interim dividend: HK0.5 cent).
Mr Kenneth LAM, the Chief Executive Officer of Quam, said, "During the Period, it is encouraging to see that the Group continues to maintain robust earnings momentum. We benefited greatly from the activities in the market from April to June this year. The main beneficiaries were both the brokerage business and the asset management business. Although the period July to September was victim of a big market correction, the quality of our assets has remained very healthy. Looking ahead, we hope to be able to launch the Quam Direct brokerage business before the end of this year while expanding our reach in the fund management business via the launch of UCITS (Undertakings for the Collective Investment of Transferable Securities) funds in Europe. We expect growth momentum to continue in the coming years."
During the Period, securities and futures dealing commissions increased 72% up to HK$183,859,000 comparing with the same period last year (2014: HK$106,968,000), which was mainly attributable to the robust capital markets during April to June. Equity Capital Market's fee income increased to HK$18,385,000 (2014: HK$9,133,000) as fees arisen from placement and underwriting activities continue to rise.
Corporate finance and advisory services revenue for the Period amounted to HK$25,499,000 (2014: HK$30,554,000). Of 17 transactions (2014: 25) completed during the Period, 2 (2014: 3) were IPOs, 15 (2014: 22) were corporate advisory and M&A mandates.
For asset management division, revenue from management and performance fees for the Period increased to HK$50,718,000 (2014: HK$10,652,000) as a result of the robust capital markets and significant performance of the major fund "Quam China Focus Fund". Also, total assets under management ("AUM") in all funds increased and stood at over US$130,700,000 (31 March 2015: US$129,300,000) as at 30 September 2015. The growth in AUM is a result of new subscriptions and organic growth.
Meanwhile, Quamnet's revenue was adjusted 12% to HK$8,455,000 (2014: HK$9,614,000). We will continue with our strategy to focus on improving our contribution margins. Overall net contribution from paid-services has been improving since our review of operations.
Mr Bernard POULIOT, the Chairman of Quam concluded, "As is publicly known, we are now in the final stage of the proposed large cash injection from CMBC International Holdings Limited, a wholly-owned subsidiary of China Minsheng Banking Corp., Ltd. ("China Minsheng Bank") and other mainland investors into Quam Limited. This capital injection combined with the reach that the China Minsheng Bank and its shareholders have in China should bring a good number of opportunities to the Group. Already, in the first half of our financial year, we have been working closely with them to identify business that would enhance Quam's platform. Once the integration is completed, this should be full steam ahead!"
Contact:Quam IR
Ms. Jane Chan Tel: (852) 2217 2906 E-mail: jane.chan@quamgroup.com
Ms. Stella Yuen Tel: (852) 2217 2908 E-mail: stella.yuen@quamgroup.com
Ms. Bonnie Zhou Tel: (852) 2217 2709 E-mail: bonnie.zhou@quamgroup.com
Source: Quam Limited
Sectors: Daily Finance, Daily News
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