BRIEF: TCL reports strong first-quarter growth on popularity of large TVs
TCL Electronics Holdings Ltd. (1070.HK) said on Sunday its TV shipments rose 11.4% year-on-year in the first quarter to 6.51 million units, with sales revenue rising twice as fast by 22.3%, as it reported strong gains for its more expensive large-screen and high-resolution models.
TCL Electronics said shipments of its televisions with screens of 65-inches and higher rose 33% year-on-year in the latest quarter to account for 27.7% of unit sales, up by 4.5 percentage points from a year earlier. The average screen size of models shipped during the quarter increased by 1.9 inches year-on-year to 53.4 inches. Quarterly shipments of the company’s high-resolution Mini LED televisions shot up 233% year-on-year, more than doubling to 8.8% of total shipments for the period from 3% a year earlier.
TCL Electronics shares were up 5.8% in Monday afternoon trading in Hong Kong. The stock is up about 50% this year.
By Doug Young
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