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Kingboard Copper Q1 profit jumps 30% to HK$5.8m

KINGBOARD Copper Holdings posted a 29.9 per cent jump in profit for the first quarter from HK$4.43 million (S$751,180) in the year ago period to HK$5.8 million, the group said in a Singapore Exchange filing on Wednesday evening.

Earnings per share grew to 0.8 Hong Kong cent from 0.61 Hong Kong cent in the previous year.

For the three months ended March 31, revenue fell 6 per cent from HK$163.9 million to HK$154 million.

Revenue for the current quarter got an injection in the form of the receipt of a HK$30 million licence fee from an ongoing arrangement.

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Meanwhile, Kingboard sold HK$124 million of polyvinyl butyral (PVB) resin, a basic raw material for the production of PVB film which is used to produce reinforced glass for both automotive industry and buildings, the industrial copper foil maker said.

Net asset value per share crept up to 394.66 Hong Kong cents as at March 31, from 385.83 Hong Kong cents three months ago.

Kingboard Copper Holdings shares closed S$0.005 or 1.2 per cent higher at S$0.415 on Wednesday before the announcement.