TV maker profit down in Q1

Sector hit by rising costs of raw materials which have been passed on in prices

China's television industry has seen a downturn in the first quarter, with major TV manufacturers witnessing a drop in net profits and sales affected by the rising price of raw materials.

Sichuan Changhong Electronic Co Ltd said its revenue was 16.63 billion yuan ($2.41 billion) in the first three months, up 7.93 percent year-on-year, but net profit plunged 84.75 percent to 32.98 million yuan in the quarter, marking the biggest earnings fall among the companies that released financial reports.