(Yicai Global) Aug. 25 -- China's largest TV manufacturer Hisense Visual Technology said that its net profit surged by almost six times from a year ago during the virus-hit first half, mostly because of a government subsidy.

The electronics maker's net profit reached CNY366 million (USD53 million), some four-fifths of which was made up of the subsidy, the Qingdao-based firm said in its earnings report that was published after the market closed yesterday.

After deducting non-recurring gains and losses, the company's net profit was CNY8.5 million (USD1.2 million), better than the loss of CNY86.2 million (USD12.5 million) a year ago. The firm didn't provide a forecast about its future performance.

Hisense's revenue rose 5 percent to CNY15.9 billion (USD2.3 billion) in the first half from a year ago, the report added. The number of global users of the firm's internet TV rose 30 percent to 57.5 million by the end of June.

Hisense has retained its lead as the biggest TV seller in China, based on Beijing's Zhongyikang Shidai Market Research. But its products are also increasingly popular overseas. Sales in the US more than doubled in the first half, rose by 69 percent in Canada, and jumped 74 percent in Dubai.

The Chinese firm's Japanese unit Toshiba Visual Solutions, purchased in 2018, was also going strong. The combined market share of the parent and Toshiba maintained the largest market share in Japan at nearly 26 percent. Toshiba's revenue climbed 20 percent to CNY1.8 billion (USD260.4 million) in the first half.

Hisense's stock price [SHA:600060] was flat at CNY14.45 (USD2.10) this afternoon after jumping 5.2 percent yesterday.

Editor: Emmi Laine