Leading Chinese screen producer BOE Technology Group Co., Ltd. saw its net profits attributable to shareholders slump 54.6 percent to 3.4 billion yuan (511 million U.S. dollars) in 2018.

In its annual financial results filed to the Shenzhen Stock Exchange, BOE Technology said revenues for 2018 rose 3.5 percent year on year to 97.1 billion yuan.

Depressed demand of mainstream display screens since the second half of last year, limited market expansion of flexible AMOLED display screen and intense competition have posed challenges, the company said in the report.

Shares of BOE Technology closed 0.49 percent lower at 4.05 yuan on Monday in Shenzhen.