TCL reports losses totaling US$140m
(Xinhua)
Updated: 2005-11-08 11:18

A quarterly report of TCL Corp, a major Chinese consumer electronics group, showed that the company's economic losses totaled 1.138 billion yuan (140 million US dollars) in the first nine months of this year.

It is expected that the company can not recover the losses at the end of this year, the report said.

This was TCL's third time to publish reports on losses this year, China Quality Daily has reported.

Board Chairman of the company Li Dongsheng attributed the heftylosses to rising production cost, and the increase of management, business and financial affairs fees.

The losses of TCL Mobile Communications is also a factor.

The corporation has reportedly got 14 billion yuan in loans from a bank and turned out 40 sorts of new mobile communication products in a bid to recover the losses.

Last year, TCL merged its television business with French Thomson's,creating the world's largest television manufacturer TTE. Thomson holds a 33 percent stake in the joint venture and TCLowns the majority 67 percent.