China's TCL back in black for 2007
EmptySHANGHAI -- Chinese television and mobile phone maker TCL Corp. 000100.SZ said on Saturday that it returned to the black last year after losing money in 2006.
In a preliminary statement on its earnings, TCL said it posted a net profit of 380.8 million yuan ($53.6 million) in 2007 after a loss of 1.86 billion yuan in 2006. Figures for 2006 were restated because of accounting rule changes.
The company, which is the parent of TCL Communication Technology Holdings and TCL Multimedia Technology Holdings, said its home electronics and parts business returned to the black, while overseas sales of its communications equipment were strong.
Sales dropped 19.8% to 39.06 billion yuan as the company wound down loss-making European operations.
TCL is due to make a full 2007 earnings statement later this month.