TCL Multimedia clocks $16.77 mln in H1 net profit
Shanghai. August 9. INTERFAX-CHINA - TCL Multimedia Technology Holdings Ltd. (TCL Multimedia), the television manufacturing arm of TCL Corp., generated net profit of HKD 131 million ($16.77 million) in the first half (H1) of 2011, according to unaudited financial results released Aug. 8.
Revenue for the six-month period hit HKD 13.51 billion ($1.72 billion). Sales of liquid crystal display (LCD) TVs surged 23.90 percent year-on-year to 4.03 million units, representing 64.30 percent of the company's TV sales.
LCD TV sales in emerging markets such as Brazil, Indonesia and Thailand rocketed 124.30 percent from a year earlier, and overseas sales totaled 1.50 million units, up 25.60 percent.
Hong Kong Stock Exchange-listed TCL Multimedia said it would expand into third and fourth tier cities and rural areas to meet growing demand for TV products in these markets.
The company held a third-place 13.90 percent share of China's LCD TV market in the first quarter (Q1) of 2011, according to global market research firm DisplaySearch.
TCL Multimedia recently made a series of major investments aimed at boosting its competitiveness. The company said June 17 that its wholly-owned subsidiary TCL King Electrical Appliances (Huizhou) Co. Ltd. had agreed to build a RMB 561 million ($87.11 million) LCD TV production plant in Hohhot, capital of the Inner Mongolia Autonomous Region.
And on June 28, TCL Multimedia acquired TCL Optoelectronics Technology (Huizhou) Co. Ltd. from TCL Corp. in a RMB 655.57 million ($101.28 million) deal intended to reduce the company's exposure to component price fluctuations.
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