TCL: 10 million euro profit at mid-2009

TCL Corporation experienced steady growth in the first half 2009, according to its financial report published on 18 August. TCL Corporation achieved 1.773 billion in turnover. In the second quarter, it earned 988.048 billion euro, i.e. an increase of 0.85% compared with last year and 25.6% compared with the first quarter. The company announced a net profit of 10.276 million euro, an increase of 27.6% compared with last year (not including profits from the sale of its low voltage electrical appliances line). The second quarter saw a net profit of 8.723 million euro, i.e. an increase of 461.6% compared with the first quarter.

With the upturn in the global economy in the second quarter and the progress made by TCL Corporation in fields such as innovation, marketing and business development, its overseas divisions showed strong growth. They saw their revenue increase by 53.5% compared with the first quarter. TCL Corporation points out that, as the global economy has stabilised, its international subsidiaries are expecting an upswing in business. At the same time, the measures taken by the government to stimulate consumer demand (subsidies in the rural regions, subsidies to replace old white goods appliances) enabled TCL Corporation to increase its profits by 11.7% in the second quarter compared with the first.

Guided by “the stability operation” in the first half 2009, TCL Corporation consolidated its ability to implement and manage measures such as its powerful, high performance internal control system. In the process, the company report at mid-2009 shows progress in the liabilities/assets ratio, the gross profit margins, the duration of expenses and the rotation of assets. Company debt has fallen by 3.1% on the liabilities/assets ratio since the beginning of 2009. This represents a 5.3 point drop compared with the same period in 2008. The company is showing a total gross profit margin of 15.8%, i.e. a fall of 6.3% compared with the same period last year.

Economic analyses show that the global financial crisis has considerably affected demand for electronic products. However, TCL Corporation's mid-year report for 2009 shows that the company still managed to maintain growth in an unstable market. This growth has been particularly evident since the second quarter, which saw improvements in the market compared with the beginning of the year. As the economy in general and industry in particular are showing signs of an upturn, TCL Corporation will continue to improve on its results in the second half 2009.

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