TCL Corp, a domestic electronics maker, said that its net profit surged 253.73 percent to 1.67 billion yuan ($265.07 million) in 2011 despite an industry slowdown, according to a statement posted on the Shenzhen Stock Exchange, Global Times reported.
The company's sales revenue in 2011 topped 60.83 billion yuan, up 17 percent year-on-year, with some 37 percent of its sales contributed by the overseas market, said the statement.
Industry giants like Sony and Panasonic have predicted losses in their 2011 performance due to the sluggish global demand. Panasonic said earlier this month that its losses in 2011 could amount to $9.2 billion.
European appliances giant Philips reported losses of 1.29 billion euros ($1.73 billion) in its 2011 financial report.
"Unlike Japanese and Korean TV makers, who rely heavily on the global market, domestic companies mainly focus on the domestic market, which still has potential for further growth," Liu Buchen, a home appliances expert at Zhengzhou-based Kuafu Management Consulting, told the Global Times Tuesday.
Hisense, a major competitor of TCL, said that its net profit for the first three quarters of 2011 stood at 892 million yuan, up 94 percent year-on-year. The company said last month that its net profit was expected to grow 100 percent in 2011, the newspaper said.