The world's largest TV maker TCL Multimedia (TCL Multimedia) yesterday announced that net profit fell 51% last year. Companies are struggling to make overseas acquisitions revival.
As the first large-scale overseas expansion of Chinese companies, TCL, and computer maker Lenovo (Lenovo) as is being closely watched. In the IBM announced disappointing results, the Lenovo shares listed in Hong Kong yesterday, tumbling down 6.9%, to 2.35 Hong Kong dollars. Lenovo has agreed to buy IBM's personal computer business. As at 31 December in the year, TCL's can be allocated 642 million net profit from Hong Kong dollars (82 million U.S. dollars) fell to 317 million Hong Kong dollars (40 million U.S. dollars) on sales up 69% to 256 billion. Operating profit fell from 507 million to 497 million HK dollar.
TCL chairman Li Dongsheng warned that this is unlikely to ease. "Global TV market will more than intensifying, which in North America and Europe will be the most difficult operating environment," he said, "The Group will adopt effective measures to realize synergies and to reduce the loss of these two profit centers."
TCL acquired Thomson Corporation (Thomson) loss of the TV and DVD player business, so that the outside world, but profit was not a rich ambitious Chinese manufacturers more worried about the rise. In 2002, TCL agreed to acquire insolvent German manufacturer Schneider Electric (Schneider Electronics).
The Chinese group said yesterday, before Thomson's business last year produced 1.16 billion operating loss. Schneider losses were 1.3 billion.
As a result, operating margin of overseas television business into a loss. KGI Securities (KGI Asia) Cliff 鈥?Fan (Cliff Fan) said: "The company underestimated the reverse operations in North America and Europe more difficult."
Analysts are concerned, TCL's ability to manage their Thomson purchased from a loss department.
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