(Yicai Global) Feb. 3 -- Cash-strapped tech company Leshi Internet Information & Technology Corp. [SHE:300104], better known as LeEco, said it expects last year's profit to increase between 10 and 35 percent from 2015.
Net profit is seen at between CNY630 million (USD91.6 million) and CNY773 million, boosted by strong sales of its 'Super TVs.' LeEco's smart terminal business, such as TVs and smartphones, is developing well and has a large user base providing stable cash flow, the Beijing-based firm said.
LeEco and Leshi Holding Co., the group's parent company, have recently made headline news after a cash crunch and several lawsuits for payment default. Founder Jia Yueting last month agreed to sell an 8.61 percent stake to a subsidiary of Sunac China Holdings Ltd. [HKG:1918] and pump all the money into its affiliates.
At last month's Consumer Electronics Show in Las Vegas, the tech firm said it would launch its smart bicycles into the American market during the second quarter of this year. Days prior, it announced plans to expand its brick-and-mortar presence in the country.
Shares of Leshi Internet were up 1.04 percent from the previous trading day's closing price at CNY36.98 (USD5.39) as of 11:41am today. Its share price has been falling since last November, after Jia told employees and shareholders the company was overstretched.