TCL 2003 net profit up 32%
By Dai Yan (China Daily)
Updated: 2004-02-20 11:36

TCL Corp, the country's second-largest television and cellphone maker, posted an unaudited net profit of 560 million yuan (US$67.65 million) in 2003, up 32 per cent year-on-year, the company said in a statement on February 19.

It also has set a sales target of 51.7 billion yuan (US$6.25 billion), including overseas sales of US$2 billion in 2004, as it aims to build a global brand name after its merger with French electronic giant Thomson.

The company sold 11.59 million units of television sets last year, rising 44 per cent year-on-year.

Its sales of mobile phones reached 9.82 million units, up 57 per cent, the statement said.

Its A shares, open to select foreign investors, resumed trading following a one-day suspension sparked by reports of sales and earnings that were leaked to newspapers.

The statement also denied reports of its talks of reorganization with Hualing, a Hong Kong-listed electronic company and its plan to sell State-owned shares.

A spokesman from the company said the annual report is scheduled to be released on March 3.

Su Qing, an analyst from the Merchant Securities said TCL's good growth rate made its shares outperform in a flat stock market yesterday.

TCL rose 0.8 per cent to 8.76 yuan (US$1.06) yesterday. It was the most active counter on the southern Shenzhen bourse.

The shares have more than doubled from a January IPO price of 4.26 yuan (51 US cents).

Su said shares of TCL have been active

Close