(Yicai Global) Aug. 10 -- Chinese consumer electronics giant TCL Technology Group has boosted its net profit by almost nine times in the first half amid rising display panel prices and big overseas deals.

TCL's net profit surged to almost CNY9.3 billion (USD1.4 billion) in the first six months of this year, up 770 percent from a year ago, the Huizhou-based company said in its earnings report published yesterday. Revenue almost tripled to CNY74.3 billion (USD11.5 billion).

Most of the revenue was made up of the firm's semiconductor and display business as the related tally almost doubled to CNY40.8 billion due to rising display panel prices. Net profit in the segment soared almost 68 percent to CNY6.6 billion, accounting for more than 70 percent of the total.

Busy Exporting

Offshore deals were enriching the company's balance sheet. Overseas revenue more than tripled to CNY26.2 billion in the six months, making up more than 35 percent of the total, rising from the earlier 28 percent share.

Silicon wafer exports were booming. TCL's Singapore-based subsidiary Maxeon Solar Technologies, which makes SunPower-branded solar panels, has successfully expanded in the North American market. Maxeon won a big solar module order from California-based photovoltaic power station operator Primergy Solar in the first half.

Solar power is trending. TCL is planning to expand its solar cell and module manufacturing and photovoltaic power plant business globally, it added.

R&D

The company invested CNY5.1 billion in research and development in the first half, an increase of 77 percent from a year ago. The sum equals 7 percent of its total revenue.

TCL has poured money into forming a platform to seek investment opportunities in the field of semiconductors and integrated circuits amid prospects of increasing industrial concentration among big firms, it said.

TCL's share price [SHE: 000100] was 0.5 percent down at CNY7.84 (USD1.20) in the afternoon.

Editor: Emmi Laine, Xiao Yi