TPV Technology sees net profit decline 43.6% in H1

Sep. 2, 2009 (China Knowledge) - TPV Technology Ltd<0903>, a leading manufacturer of computer monitors and flat panel TVs in China, announced that its net profit plunged 43.6% to US$54.65 million in the first half of this year.

During the first half of this year, the firm earned a total income of US$3.1 billion, 37% less year on year, while its gross profit decreased US$64 million compared with the same period of last year.

The Hong Kong-based company said that its operating revenue declined 48.5% from a year earlier to US$68.76 million in the first six months of this year. The operating revenue of its monitor business plunged 60.2% year on year to US$30.31 million, while that of its TV business surged 90.9% to US$13.27 million.

The company's net profit was down 23% year on year and reached US$39.8 million in the second quarter of this year due to the drop in shipments.

The company forecast that the prices of its panels will stabilize as the global economy recovers.