TCL reports 50% rise in net profit
October 31, 2013 Category Uncategorized
Mobile phone maker TCL Communication Technology reported a 50% growth in net profit to HKD14 million for the nine months to September. The result marked a major recovery from a loss in the third quarter of last year of HKD90.85 million to a profit of HKD223 million in the three months to September this year. The company adopted a “step-up strategy” to migrate its product lines from basic “feature phones” to smartphones. Chief Executive Guo Aiping said the transition had been successfully negotiated and the sales volume of its smartphones and smart devices had surged 136% year-on-year to 9.9 million units in the first nine months of this year. Sales volume of handsets and other products dropped 17% to 3.7 million units, pulling revenue down by 28% to HKD1 billion. In order to strengthen its competitiveness, Guo said the company needed to shift new products on to the market in the shortest time possible. “The process from ideas to product launch should take no more than four to five months,” he said, adding that the company would continue to invest heavily in research and development (R&D). Television maker TCL Multimedia Technology, a sister company, reported a drop in gross profit of 4.4% year-on-year to HKD4.1 billion for the first nine months. Net profit rose 82.4% to HKD112 million.
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