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TCL expects 85% plunge in net profit in Q1

Apr. 13, 2012 (China Knowledge) – TCL Corp<000100>, a major Chinese TV and mobile phone manufacturer said it expects its net profit to fall between 75% and 85% year on year to the range of RMB 30 million to RMB 50 million in the first quarter of this year.

TCL said that the sharply drop in the first quarter is mainly caused by the weak sales of its mobile phone products and the government subsidy for the company is RMB 95 million lower than in the same period of last year.

However, the TV and mobile phone manufacturer saw its LCD TVs sales reached 3.29 million units in the first three month of this year, surged 70% year on year, and the sales of air condition, refrigerator and washing machine increased 17.46%, 12.94% and 37.74% year on year, respectively.

Last year, TCL's operation revenue soared 17.28% year on year to RMB 60.83 billion, and its net profit reached RMB 1.01 billion, over double than it realized in 2010, China knowledge reported earlier.

Fiscal result for the first quarter of 2012 will be disclosed on Apr. 27, source reported.

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