SHENZHEN -- China's high-tech industrial conglomerate TCL Corp. posted a 42.3 percent year-on-year rise in net profit in the first half of 2019.

Net profit attributable to its shareholders reached 2.09 billion yuan ($296 million) in the January-June period, TCL said in its interim results report filed to the Shenzhen Stock Exchange.

This is the first financial results report TCL released after it spun off its consumer electronics and home appliance businesses in April.

During the half-year, its revenue rose 23.9 percent year on year to 26.12 billion yuan.

Over the past couple of years, TCL has sold and closed non-core businesses to restructure itself into a high-tech industrial conglomerate that focuses on semiconductor display and materials.

In the six months, its display panel subsidiary Shenzhen China Star Optoelectronics Technology Co. Ltd. generated revenue of 16.28 billion yuan, an annual increase of 33.5 percent. Its net profit fell 7.8 percent to 1.02 billion yuan mainly due to price declines of display products.