TCL Corporation, one of China's largest consumer electronics enterprises, returned to the black last year with net profits of 396 million yuan (55.7 million U.S. dollars) after losing billions in 2005 and 2006.
The gain was expected to wipe out its "ST" (Special Treatment Stocks) designation this year in the Shenzhen Stock Exchange after losing 1.7 billion yuan in 2005 and 1.9 billion yuan in 2006, according to its 2007 annual report released on Thursday evening.
Its sales revenue in 2007 was 39 billion yuan, of which 54.4 percent came from the multimedia sector led by TV and 13 percent from the mobile communication product sector, according to the report.
TCL Multimedia, a core unit of the company, has made profit gains for six consecutive months since September after restructuring its European business in May.
Its European business lost 2.6 billion yuan in 2006 after TCL formed a joint venture with the Paris-based mobile phone maker Alcatel and TV maker Thomson.
In the domestic market, TCL sold 7.14 million TV sets in 2007, topping its competitors for a seventh year.
(Xinhua News Agency March 14, 2008)
