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Hisense Profits Fall As They Come Under Pressure In TV Market

Hisense Australia, who have been under pressure in the TV market due to falling margins has reported a slump in profits despite increasing revenues from their appliance and TV business.

The Company saw profits fall to $8.5 million in the last financial year from $9M in the prior year. Revenues climbed from $275M to $279 due in part to the Chinese manufacturer jacking up the price of their TV’s in Australia in an attempt to position themselves as a supplier in the premium TV market.

It’s tipped that their revenues in 2019 have been hit after Samsung released a value range of TV’s that stripped market share away from Hisense.

Also, under pressure is TCL who is now having to battle with the JB Hi Fi, Ffalcon TV which while made by TCL is up to 20% cheaper than TCL branded TV’s.

Recently Hisense took over the Asko appliance business in Australia and what’s not known is whether Asko revenues will be included in Hisense revenues next year. In 2018 Hisense paid a premium of $13,544 to insure the director and secretary of the local operation.

Recently Hisense launched a new 100” Laser Projector TV in Australia that retails for $19K the device which has been described as ‘ugly’ is struggling to attract consumer interest.

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