Upbest’s local turnover increases slightly

Hong Kong-listed stockbroking and property investment company Upbest Group Ltd. saw its turnover in the MSAR rise slightly by 1.8 per cent year-on-year to MOP13.4 million (US$1.68 million) for the six months ended September 30 this year, according to the company’s unaudited interim results on the Hong Kong Stock Exchange last Friday.
In overall terms, the company registered a significant increase of 69 per cent in its total turnover for the six months, amounting to MOP197 million, up from MOP116 million for the same period last year.
The company notes in the filing that the MSAR’s property market and economy has ‘hit the bottom’, expecting that the local economy will return to growth next year, given the implementation of government measures, as well as the launch of two new casinos this year.
However, the company anticipates its property investment business in Mainland China, Macau and Hong Kong will continue to face ‘tough challenges’ in 2017, despite the probable increase in interest rates in the United States by the end of this year.