Chief Executive Officer, Mr. Jason Woo at Hong Kong based equity researcher The Woo Group today announced first quarter earnings that exceeded all previous quarters in the company's history.
Jun. 20, 2013 -- HONG KONG -- The Woo Group which was formed in 2002 by brothers Jon and Jason Woo has seen decade of mainly consistent growth since its formation, but according to Chief Executive Officer Jason Woo the company is going through a "period of exponential growth" and has seen earnings in the first quarter of 2013 almost double based on those earnings reported in the same period in 2012.
"This is excellent news for The Woo Group, and not only in respects to our generated revenue. It reflects our diligence and efficacy and I believe will only add momentum to our already rapidly growing client base" commented Jon Woo, Chairman of the board of directors.
The Woo Group's income is primarily derived from the collation of stock market data and the subsequent compilation of reports on those stocks the company is commissioned to review. However The Woo Group also provides a range of other services to both institutional and private investors. The increase in the Company's quarterly earnings has been largely attributed to the tremendous increase in corporate contracts signed over the past 12 months with major brokerages and investment banks in Hong Kong where The Woo Group is located, and the income derived from these research commissions.
The Company's private investment advisory department too saw an increase in its overall earnings of over 30% based on a 2012-2013 year by year comparison of first quarter earnings. However the largest increase in The Woo Groups reported earnings was seen by the company's trading arm where revenues exceeded a 145% increase on the first quarter of 2012.
"We are naturally very pleased to report such promising performance data, and I am confident that with the contracts we have more recently acquired and our continued trading performance, we can expect a further increase in the second quarter" said Chief Executive Officer, Jason Woo.