TCL Net Profit Fell on ‘Violent Fluctuations’ in Raw Materials Pricing
TCL’s 2021 revenue soared 46.9% year on year to 74.85 billion Hong Kong dollars ($9.6 billion), and its operating profit reached 12.53 billion Hong Kong dollars ($1.6 billion), up 29.7% from 2020, reported the company Friday. But TCL’s net profit…
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declined year on year to 1.18 billion Hong Kong dollars ($150.7 million) due to the increased pricing of raw materials, it said. “With the gradual drop of the price of upstream panels since the second half of 2021,” TCL’s gross profit “has continued to rebound” since Q3, it said. “In 2021, the COVID-19 pandemic persisted with severity worldwide, and the global political and economic landscape became even more complex,” said TCL. “In the meantime, violent fluctuations occurred in the prices of both upstream raw materials and international logistics, posing a huge challenge to the business environment.”