EXCLUSIVE:Changhong Reports Big Jump In Sales Profits Smashed
Chinese TV and appliance brands are gaining traction in Australia with Changhong the latest to report a 66% jump in sales despite losses climbing significantly.
As at December 2019 the Chinese appliance maker whose goods are sold at Harvey Norman and The Good Guys had increased sales from $18.6M to $30.374M however losses blew out from $304,000 to $4.46 Million.
Contributing to the losses was an almost doubling of distribution and marketing costs.
The Company did decrease their gross profit by 76% to $7,186 Million.
The Company claimed in filings with the Australian Securities and Investment Commission that a change in market conditions had resulted in the increase in sales.
Earlier this week we reported that TCL Electronics Australia had reported a massive jump in both revenue and profits in Australia after they cut a deal with JB Hi Fi to supply their Ffalcon TV midway through 2019.
In their latest filings TCL reported that revenues went from $86M to $125.4M.
The Company saw profits climbed at December 2019, to $1,853,491 after reporting a loss in 2019 of $1,065,098.
Currently TCL is using the Ffalcon brand as their discount TV range while holding margin in their TCL range of products.
At this stage it’s not known which retailers will range 2020 Chiq TV’s from Changhong.