China's Consumer Electronics Maker TCL Reports Drop in Profit
From Forbes.com: China's TCL Corp. Reports Drop in Profit
"TCL Corp., one of China's largest consumer electronics makers, on Tuesday reported a 57 percent drop in 2004 net profit as earnings were dragged down by losses from its joint ventures with French partners (Thomson SA.; Alcatel SA).
TCL's net profit for 2004 fell to 245.2 million yuan (US$29.7 million; euro22.9 million) from 570.6 million yuan (US$69 million; euro53 million) in 2003, the company said. TCL, which is based in Huizhou in southern China's Guangdong province, recorded 40.3 billion yuan (US$4.9 billion; euro3.8 billion) in core revenues last year, 42 percent higher than in 2003. But an 80 percent surge in its operating and management expenses cut into its earnings, the company said. It said it expects to record a loss in the first quarter of 2005."