Globlex Holding Management Plc (GBX)will continue to expand its presence in the gold market to help diversify its revenues ahead of plans to list its securities arm on the Stock Exchange of Thailand.
GBX is the parent holding company of Globlex Securities.
The brokerage currently contributes around 40% to 50% of revenues for the parent, with gold trading accounting for the rest.
Securities regulators have raised concerns about the listing plans for Globlex Securities and the impact it might have on GBX.
GBX reported first-half net profits of 13.5 million baht, up 86.1% from the same period last year. Second-quarter profits rose 367.2% year-on-year to 41.8 million baht. Gains were attributed to an 12.8% year-on-year increase in brokerage income for the second quarter, trading gains in gold futures contracts and higher gains on securities trading.
Parkpoon Pakvisal, the GBX managing director, said Globlex Securities began posting a profit in the first quarter, with gains extended in the second by the overall recovery in the equities market.
Gold trading, meanwhile, generated revenues of some some billion baht for the company in the first half. Globlex expects gold trading to generate revenues of 2.3 billion baht and profits of at least 10 million for the group for the full year.
"We expect to see very clear growth in gold trading in the fourth quarter. We will continue to develop our products and sales campaigns to support growth,"said Mr Parkpoon.
He said the company also saw growth prospects for its 18% shareholding in the software developer Cyber Planet.The games developer plans to list on the Market for Alternative investment within the next one to two months.
Shares of Globlex Holding closed yesterday on the Stock Exchange of Thailand at 0.92 baht, up two satang, in trade worth 4.38 million baht.
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