Kingboard Copper Foil Holdings says it posted a net profit of HK$67.56 million ($11.97 million) for the first quarter 2010 (1QFY2010) compared to a net loss of HK$80.32 million a year ago.

Revenue rose 150.21% to HK$1.03 billion, led by the restocking activities of export trade and robust China domestic market demand.

Shipment volume increased 62% against the first quarter of 2009 (1QFY2009) and driven by much higher copper prices, average selling prices of its copper foil products rose significantly in 1Q against the same period last year.

The group said it has seen strong order inflows in April as electronics industry suppliers continued to replenish their relatively lean inventory level. Moreover, the Chinese government has extended the rural subsidy programme for certain consumer electronic products in March 2010 to boost domestic consumption in rural areas which will support demand for copper foil products in the current year.