TCL Corp posts 27.43-pct net profit rise in first nine months
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TCL Corp, one of China's major television and mobile phone makers, said Saturday its net profit in the first three quarters rose 27.43 percent year on year to 195.48 million yuan (29.4 million U.S. dollars).
But total profits for the January-to-September period declined by 47.9 percent from one year ago to 225 million yuan, due to losses in the multimedia business, the company said in a statement filed to the Shenzhen Stock Exchange.
The company's multimedia products are high-end and large-size-screen TV products, such as Internet TV, LED TV and 3G Internet TV.
Sluggish sales and lower profit margins due to fierce competition and inventory reduction in the European market, led to the losses in the multimedia business, the company said in the statement, without specifying the amount of losses.
The mobile communication business expanded in the first nine months, with the volume of cell phone sales rising 155 percent to reach 23.73 million, according to the statement.
The share price of TCL Crop gained 3.03 percent to end at 4.08 yuan at Friday's close in Shenzhen.
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