China's leading home appliance manufacturer TCL Corp. posted a 30.2 percent year-on-year rise in net profits for 2018.

In its annual financial results filed to the Shenzhen Stock Exchange, TCL said the net profits attributable to its shareholders reached 3.47 billion yuan (517 million U.S. dollars) last year.

Meanwhile, its revenues rose 1.6 percent year-on-year to 113.36 billion yuan.

Over the past more than two years, TCL has sold and closed 63 non-core businesses to restructure itself into a high-tech industrial conglomerate, it said.

Last year, its display panel subsidiary Shenzhen China Star Optoelectronics Technology Co. Ltd. generated 27.67 billion yuan in revenues and earned 2.32 billion yuan in net profits.

Shares of TCL fell 0.26 percent to close at 3.82 yuan Wednesday.