Cost savings helped lift net profit at H-share Nanjing Panda Electronics Co by 17 per cent to 164.9 million yuan (about HK$153.17 million), amid intense price-cutting in the electronics sector last year. The company, which makes television sets, mobile telecommunication systems and other electronic products, said turnover edged marginally higher to 3.44 billion yuan from 3.43 billion yuan. Earnings per share fell to 30 fen from 41 fen previously. A final dividend of 5.4 fen was declared. The H-share company, which listed in Hong Kong last May, has 973.4 million yuan worth of accounts receivable. Chairman Chen Xiangxing said the company strived to lower production costs to combat a drastic reduction in domestic colour television prices last year. The strategy for the current year was to concentrate on the production of colour televisions and telecom products. 'Although the [mainland] market for colour TVs is expected to remain highly competitive in 1997, the directors expect the company's sales volume to grow by more than 15 per cent compared with 1996,' Mr Chen said. Television sets accounted for about 94.7 per cent of the company's turnover.