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2007-8-8 07:41:00 a.m. HKT, XFNA
China's TCL Corp swings to profit in H1 on cost cuts
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BEIJING (XFN-ASIA) - TCL Corp (SZA 000100) said it turned around in the
first half with a net profit of 45.09 mln yuan, from a loss of 746.61 mln a
year earlier, due to cost cuts, which helped offset the impact of weaker
sales.
In its first half report filed with the Shenzhen Stock Exchange, the
company said operating revenue was 18.43 bln yuan, down from 24.2 bln a year
earlier, while operating costs fell 24.66 pct year-on-year to 15.59 bln yuan.
Meanwhile, selling expenses fell to 1.914 bln yuan from 2.66 bln a year
earlier, and management expenses were down 30.48 pct at 834.776 mln yuan.
In addition, the performance of two major units, Hong Kong-listed TCL
Multimedia and TCL Communication, improved greatly in the period.
TCL Multimedia narrowed its net loss to 220 mln hkd in the first half
from 1.6 bln a year earlier, while TCL Communication booked a net profit of 2
mln hkd, against a loss of 71 mln a year earlier.
TCL sold 7.07 mln televisions in the first six months of the year, down
35 pct from a year earlier, while handset sales also fell 23 pct to 4.21 mln
units.
The company also sold 302,000 computers in the first half, down 20.8 pct
year-on-year, and 939,000 air-conditioners, down 12.7 pct.
Earnings per share totaled 0.0174 yuan, against a loss of 0.2886 yuan a
year earlier.
The company said it expects to be profitable in the third quarter,
turning a profit in the nine months to September.
In the first nine months of 2006, the company booked a net loss of 706.54
mln yuan, or a loss per share of 0.27 yuan per share.
At the end of June, TCL Corp had assets valued at 18.58 bln yuan, down 15.
7 pct from end-2006.
(1 usd = 7.57 yuan)
zachary.wei@xfn.com xfnzw/xfntm
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