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| Monday, 29 November 2010, 10:30 HKT/SGT | |
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Source: Quam Limited | |
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HONG KONG, Nov 29, 2010 - (ACN Newswire) - Quam Limited ("Quam" or the "Group", Stock Code: 00952.hk), a prominent Hong Kong-based financial services group, announced its unaudited interim results for the six months ended 30 September 2010 (the "Period").
During the Period, Quam reported a profit before share of results of associates and jointly controlled entitles of HK$1.5 million, while a consolidated loss of HK$3.7 (2009: profit of HK$15.7 million). The share of losses associated with the Group's Dubai investment in McMillen Advantage Capital Limited and the Suzhou Private Equity was HK$5.2 million (2009: share of profit of HK$0.4 million). The Group's revenue for the Period adjusted 14.4% to HK$127.3 (2009: HK$148.8 million). Basic loss per share were HK0.39 cent (2009: basic earnings per share HK2.03 cents).
The Group's Board of Directors has resolved not to declare an interim dividend for the six months ended 30 September 2010 (2009: HK1.0 cent per share).
Mr Bernard Pouliot, the Chairman of Quam, said, "During the Period, the financial market is unclear with high volatility and unstable trading in securities business. However, the market has now returned to a more positive outlook. Riding on the appreciation of RMB, the impact of QE2 and strong demand of one-stop investment services, we are now undergoing the repositioning of our core businesses. To explore and deepen market reach across China, additional offices in Beijing and Dalian have been established, giving additional opportunities for our private equity division and the Group."
Securities and futures brokerage remained the key revenue contributor of the Group. During the Period, securities and futures dealing commissions adjusted 33.1% to HK$78.3 million (2009: HK$117.0 million) which were resulted from the lower futures trading volumes compared to the same period last year. Securities dealing was only slightly down y-o-y reflecting the PRC stimulus package launched in previous corresponding period. Equity Capital Markets business activity picked up in the latter months of the Period and 8 fund raising mandates were completed, the Group recorded placement and underwriting fee income for the Period of HK$6.3 million (2009: HK$0.1 million). The rapid growth of securities margin lending business was driven by the dynamic IPO market in September, the securities margin loan book at the end of the Period was HK$211.1 million (31 March 2010: HK$152.9 million).
During the Period, revenue generated from corporate finance and advisory services was HK$17.7 million (2009: HK$10.7 million). The division completed one IPO and a broad range of advisory mandates. Besides, M&A activities have been active during the Period and currently, the division has picked up substantially and holds a record level of mandates.
Owing to the uncertain market and marketing condition, revenue generated from asset management amounted to HK$4.2 million (2009: HK$4.5 million). Total Assets Under Management ("AUM") stands close to US$65.8 million. The soft launch of the Quam Middle East Fund in September, which is co-managed by InvestAD (the subsidiary of Abu Dhabi Investment Co.), added US$5.0 million to the overall AUM. Also, the Group appointed Richard Harris as the Chief Executive of Quam Asset Management to strategically focus on the development and marketing of this division. In addition, a discretionary private client fund management business has grown steadily since the beginning of the Period.
Revenue generated from investment website (www.quamnet.com) and Quam IR (including inter-company services) was increased 34.6% to HK$17.9 million (2009: HK$13.3 million). So far, the division has secured 5 China content distribution partners, such as Baidu. Quamnet has also launched 3 more new subscription services with high-profile investment advices from Alex Wong, Vincent Lam and Patrick Wong. Quamnet continues to organize large-scale conferences, medium scale seminars and specialty investing trading courses to enhance both advertising and sponsorship revenues, as well as to increase its subscriber base and subscriber loyalty. With the improvement in the capital market, the investor relations business is experiencing an increase in new client acquisition.
Quam generally financed its operations with internally generated cash flow and banking and short-term loan facilities supported by its principal bankers in Hong Kong and third party respectively. As at 30 September 2010, cash and short term deposits stood approximately HK$75.4 million (31 March 2010: HK$73.4 million). Given the active margin and money lending business and additional IPO financial facilities, gearing ratio of Quam, being calculated as borrowings over net assets, was 69.5% (31 March 2010:17.6%).
In addition, the Global Alliance Partners ("GAP") has helped by referring a placing mandate which was completed by Quam during the Period. In addition to our presence in Hong Kong, China, Thailand, Vietnam, UK, USA, Africa and Japan, more affiliates from India, Sri-Lanka and Mongolia have been added, representing the maturing of GAP.
Mr Pouliot continued, "Overall, I am very pleased with the progress we are making which is in line with our strategy. Our unique footprint and strong presences particularly in Hong Kong, China and Asian markets have well aligned for the growth trends we see globally, and we continue to make investments in our talent recruitment, innovative products and services, as well as further explore investment opportunities so we can serve our clients at the highest level all around the world."
Contact:
Quam IR
Ms Anita Wan
Tel: +852-2217-2687
E-mail: anita.wan@quamgroup.com
Ms Sharon Au
Tel: +852-2217-2680
E-mail: sharon.au@quamgroup.com
Ms Venus Lam
Tel: +852-2217-2909
E-mail: venus.lam@quamgroup.com
Topic: Earnings
Source: Quam Limited
Sectors: Daily Finance
http://www.acnnewswire.com
From the Asia Corporate News Network
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