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TCL Q4 loss narrows YOY

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TCL Q4 loss narrows YOY

TCL Corp. said its fourth-quarter normalized net income was a loss of 1 fen per share, compared with a loss of 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 175.0 million yuan, compared with a loss of 188.0 million yuan in the prior-year period.

The normalized profit margin climbed to negative 0.6% from negative 0.6% in the year-earlier period.

Total revenue declined on an annual basis to 30.47 billion yuan from 31.82 billion yuan, and total operating expenses decreased year over year to 30.99 billion yuan from 31.54 billion yuan.

Reported net income declined 47.9% from the prior-year period to 502.6 million yuan, or 4 fen per share, from 964.3 million yuan, or 10 fen per share.

For the year, the company's normalized net income totaled 12 fen per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 21 fen.

EPS declined 22.5% from 16 fen in the prior year.

Normalized net income was 1.47 billion yuan, an increase from 1.44 billion yuan in the prior year.

Full-year total revenue grew year over year to 104.58 billion yuan from 101.03 billion yuan, and total operating expenses increased on an annual basis to 103.93 billion yuan from 99.00 billion yuan.

The company said reported net income decreased 19.4% on an annual basis to 2.57 billion yuan, or 21 fen per share, in the full year, from 3.18 billion yuan, or 35 fen per share.

As of March 28, US$1 was equivalent to 6.48 yuan.