Kingston Financial confident of profit increase in 2016

Investment holding company Kingston Financial Group Ltd says it anticipates to report a significant increase in its profit for the year ended March 31, 2016, according to a filing to the Hong Kong Stock Exchange.

The company said the increase was primarily attributable to the increase in income from securities brokerage, underwriting and placements, margin and IPO financing business.

Kingston Financial Group Ltd is the operator of Casa Real Hotel and Grandview Hotel in Macau.

Last year, the company reported a steep drop in interim profit from its hotel and gaming business, but said it doesn’t expect the market to deteriorate further in the long run.

At the time, the company said revenue from gaming and food and beverages in its casinos dropped 38 percent to HK$235.3 million ($32.7 million) for the six months ended September 30, 2015. Gaming revenue made up 70 percent of the total, down from 74 percent of the total in the prior year period.