TCL estimates profit surge in Q1

TCL Corp, China's top television maker, on Tuesday said its first-quarter net profit could hit at least 295 million yuan ($48 million), nearly seven times higher than a year ago.

Steady sales growth in liquid crystal displays and multimedia household electrical appliances were the major contributor for the profit surge, said the Guangdong-based company.

TCL rolled out about 4 million LCD TVs and 1.45 million smartphones in the first quarter.

In addition, the Shenzhen-listed company estimated its annual revenue may hit 85 billion yuan this year, compared with 69.6 billion yuan last year.