TCL books RMB 396 mln profit in 2007

TCL Corp<000100>, China's biggest maker of consumer electronics, successfully turned to black in 2007 after reporting a two-year straight loss, according to its annual earnings report published on Thursday.

Net income stood at RMB 396 million (US$55.8 million) as of 2007, compared with a loss of RMB 1.86 billion in 2006, while sales decreased 20% to RMB 39.1 billion. The profit figure beats the previous estimate of RMB 380.8 million it made in a preliminary earnings announcement at the beginning of this month, the statement said.

The big change comes largely from a reform in its operation system including assets integration, operation efficiency update and stricter cost control, the company said.