Kingboard Copper Q2 net profit up 50.4% to HK$6.6m

KINGBOARD Copper Foil Holdings saw net profit rise 50.4 per cent to HK$6.6 million for the second quarter ended June 30, it announced after the market closed on Wednesday.

This was on the back of a 15.13 per cent year-on-year rise in revenue to HK$158.2 million from HK$137.4 million. Revenue for the period comprised a HK$30 million licence fee and HK$128 million worth of sales of polyvinyl butyral (PVB) resin, used to produce reinforced glass for the automotive and building industries.

The company noted that its PVB business has been affected by restrictions on residential units in first- and second-tier cities in China, which have hurt the real estate industry and hence the construction industry. It said it would continue to improve production efficiency, reducing its defect rate, lower production costs and shorten lead time to deliver greater returns to shareholders.

Earnings per share were 0.92 HK cent, compared to 0.61 HK cent for the year-ago period.

Kingboard Copper shares closed up 0.5 Singapore cent or 1 per cent at 49 Singapore cents on Wednesday before its results were released.