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UOB-Kay Hian Q4 profit falls 47% amidst falling market volumes

UOB-KAY Hian Holdings on Monday announced a net profit of S$10.1 million for the fourth quarter ended Dec 31, 2015, down 47 per cent from the year-ago period.

This was largely attributable to falling market volumes and commission income in the group's major markets (Singapore, Hong Kong and Thailand), as well as an 8 per cent increase in total costs, partly due to a S$3.7 million goodwill impairment on the Malaysian subsidiary. Total revenue for Q4 fell 4.3 per cent to S$95.3 million.

For the full year, total revenue rose 4.4 per cent to S$377.7 million, while net profit fell 3.9 per cent to S$71.5 million.

Regional markets were active in the first half of the year but market volumes across the region scaled back significantly following the slowdown in Hong Kong and China in the second half, said the group in a statement.

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The brokerage firm adds that it expects regional market sentiment to remain subdued for the first half of 2016 due to the slowing China economy, volatile commodity prices - especially that of oil - and unstable exchange rates.

It has declared a first and final cash dividend of 4.5 cents per share, 0.5 cents lower than in the year before.

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