SINGAPORE (Feb 22): Kingboard Copper Foil posts earnings of HK$1.1 million ($0.2 million) for the full year ended Dec 31, 2016, a decline of 62.7% from earnings of HK$2.8 million a year ago.
Full year revenue increased by 1.8% to HK$635.3 million, from HK$624.3 million a year ago.
Revenue comprised the receipt of license fee of HK$120 million pursuant to the on-going licensing arrangement, and the sale of polyvinyl butyral (PVB) resin for HK$515 million.
The resin is a basic raw material for the production of PVB film, which is used to produce reinforced glass for both automotive industry and buildings.
Distribution costs in FY16 increased 7.5% to HK$16.7 million due to an increase in shipment volume increase, while administrative expenses increased 8.5% to HK$28.6 million.
Meanwhile, other operating income fell 32.9% to HK$2.1 million.
In a filing to SGX on Wednesday, Kingboard director Cheung Kwok Ping says the group’s financial position “continued to be sound”.
As at Dec 31, 2016, cash and bank balances stood at HK$1.56 billion.
Kingboard Copper Foil closed 3 cents higher and 32 cents on Wednesday.
