TCL Corporation forecasts a fourfold increase in its profits in the second quarter

TCL Corporation has announced the forecasts for its performance at mid-2009. The company hopes to generate 8.830 million euro in turnover. The second quarter alone is expected to bring in 7.272 million euro (four times the revenue for the first quarter). This constitutes significant progress compared with the same period in 2008, which saw the company lose 2.991 million euro.

The 35.639 million euro earned by TCL Corporation with the sale of its low voltage electrical appliance line had considerably influenced its bottom line at mid-2008. Likewise, the bottom line at mid-2009 has suffered a shortfall of 80% over the same period. However, if revenues from the sale of this subsidiary were ignored, profits from the first half 2009 would be up by 10% on last year over the same period.

During the first six months of the year, TCL Corporation sold 2,931,251 LCD screens, i.e. an increase of 93.1% compared with the same period in 2008. Total sales have outstripped total sales last year by 70%. Taking advantage of industrial modernisation and the policies of the Chinese government to encourage the household consumption (the “White goods go to the country” and “New for brand new” operations), TCL was able to maintain growth in three figures over several consecutive months. The increase in sales, up by 249% in the first six months of the year, is by far the best performance of the players in the market. Overseas, the markets have also undergone stable growth. In the second half 2009, TCL Corporation is committed to increasing the rate of development of the domestic Chinese market to strengthen its principal markets overseas and improve the efficiency of its supply chains.

Taking advantage of a stable financial environment, TCL Corporation is reaping the harvest of its measures (internal reorganisation, structural optimisation, cost control), which were all completed at the beginning of 2009.

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