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TCL Q1 profit climbs 48.9% YOY

TCL Corp. said its normalized net income for the first quarter was 6 fen per share, an increase of 15.6% from 5 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 608.3 million yuan, a gain of 48.9% from 408.6 million yuan in the year-earlier period.

The normalized profit margin increased to 2.6% from 1.9% in the year-earlier period.

Total revenue rose 10.2% year over year to 23.31 billion yuan from 21.15 billion yuan, and total operating expenses increased 9.2% from the prior-year period to 22.66 billion yuan from 20.75 billion yuan.

Reported net income rose on an annual basis to 754.1 million yuan, or 7 fen per share, from 734.9 million yuan, or 9 fen per share.

As of April 24, US$1 was equivalent to 6.19 yuan.