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TCL Q1 net profit tumbles 96%

Published: 24 Apr 2009 01:35:21 PST

Apr. 24, 2009 (China Knowledge) - TCL Group<000100>, a major Chinese television and mobile phone manufacturer, forecasted that it may suffer a year-on-year decline of 96% in net profit in the first quarter of this year, according to its statement filed with the Shenzhen Stock Exchange on Apr. 22.

The company estimated its net profit may stand at between RMB 14 million and RMB 16 million, compared with RMB 449 million in the same period of 2008.

TCL noted there was a one-time gain of RMB 343 million for the company last Feburary because of the sale of its low-voltage appliances unit and returns of RMB 68.39 million on convertible bond investments.

In addition, its communications terminal unit TCL Communication Technology Holdings Ltd<2618> is expected to post losses in the first quarter of this year as handset and accessories sales dropped to 2.2 million units from 3.3 million units a year earlier, according to the statement.

The unit, which is 46.44% owned by TCL, earlier posted revenues of HK$ 4.54 billion and HK$ 28.49 million for 2008, with 13.7 million units being sold in the year.


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