Kingston Financial reports strong profit increase in 2016

Investment holding company Kingston Financial Group Ltd has reported a increase in profit of 35 percent for the year ended March 31, 2016, according to a filing to the Hong Kong Stock Exchange.

Last week, the operator said it expected a “significant increase” in profit, which was primarily attributable to the increase in income from securities brokerage, underwriting and placements, margin and IPO financing business.

Profit for the year was HK$1.7 billion, up from HK$1.3 billion for the year ended March 31, 2015.

Revenue saw an increase of 26 percent to HK$3.1 billion, representing a significant increase of 26 percent from HK$2.5 billion in 2015.

“Credit to the excellent performance from securities brokerage, underwriting and placements, margin and IPO financing segments, the Group continued to achieve fruitful results.”

Kingston Financial Group Ltd is the operator of Casa Real Hotel and Grandview Hotel in Macau, which is run by license holder SJM Holdings.

The group’ said it saw solid results in its gaming business, with gaming revenue amounting to HK$480 million for the year, a drop of 29 percent year on year.

“The two casinos continued to provide solid contributions to the Group. While there was a decrease in total gross revenue of Macau’s gaming industry, the performance in the segment was satisfactory and in line with the industry performance.”

As of March 31, 2016, the group has 61 tables in mass market calls, 14 tables in VIP rooms, 238 slot machines and 134 live baccarat machines in the gaming halls.