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TCL Corp H1 profit soars on strong LCD TV sales

(Agencies)
Updated: 2008-08-21 16:39

Consumer electronics group TCL Corp said its first-half net profit surged to 420.16 million yuan ($61.35 million) from 45.09 million a year earlier on higher sales of liquid crystal display (LCD) televisions.

In its interim report filed with the Shenzhen bourse, the company said operating revenue for the six months was at 18.54 billion yuan, up slightly from 18.43 billion a year ago.

The company has three major business segments - multimedia digital products, communications products and home appliances.

Income from its multimedia segment stood at 10.55 billion yuan, up 12.49 percent year-on-year and accounting for 57.93 percent of its total sales, while income from communications sector was 2.1 billion yuan, up 2.76 percent and accounting for 11.54 percent of total sales, the company said.

However, income from home appliances segment fell 1.0 percent year-on-year to 2.3 billion yuan.

TCL said it strengthened sales efforts in overseas markets in the period, booking sales of 8.66 billion yuan overseas, accounting for 47.54 percent of its total sales, against 43.96 percent from a year ago.

The company sold 1.52 million units of LCD televisions in the first six months, up 230.7 percent year-on-year, while sales of traditional cathode ray tube (CRT) televisions fell 18.2 percent to 5.41 million units.

Sales of DVD players rose 10.7 percent to 8.15 million units, while handset sales were up 59.56 percent at 6.72 million.

Earnings per share stood at 0.163 yuan, up sharply from 0.017 yuan a year ago.

TCL Corp has two Hong Kong-listed arms TCL Multimedia Technology Holdings Ltd and TCL Communication Technology Holdings Ltd.