Mid-market financial services provider Kingsway International Holdings Ltd. is reporting a jump in profit for the second quarter ended Dec. 31, 2004.

Kingsway International, which is based in Hong Kong, said it generated net income of US$6.3 million for the three months ended December 31, 2004 compared to net income of US$1.0 million a year ago.

Total revenue during the quarter rose to US$11.2 million up from US$7.7 million in the year ago period.

“In the first quarter of 2005 Kingsway International Group announced that it had shifted its focus from junior issuers to mid-size issuers in connection with its placement and initial public offering businesses,” said William Lam, president and CEO of Kingsway International. “I am pleased to report that we are already seeing the benefits of this change in our business model with the recent completion of an IPO that will bring major fee income for the Kingsway International Group in the next quarter. The transaction, in which approximately US$96 million of IPO funding was raised for a leading PRC-based automobile glass manufacturer with a market-cap of approximately US$385 million, was Kingsway International Group’s largest Investment Banking deal to date and represents a major milestone for the Company.”

The company’s growth strategy continues to centre on the rapidly growing financial service’s market in China. Kingsway International seeks to act as a bridge between the country’s mid-market financial services space and major financial markets including North America, Europe and Japan.

Kingsway International has approximately 170 employees worldwide, with offices in Hong Kong, Beijing, Shanghai, Sydney, and Toronto.