TCL Corp<000100> on Aug. 12 announced that its sales of LCD products in July decreased 35.3% to 429,300 units year on year, or surged 19.05% month on month.

The Shenzhen-listed firm attributed the sales drop to its new branding and marketing strategy, while it has adjusted the marketing strategy in North American market and applied new OEM procedure and branding strategy.

Last month, the group, which is principally engaged in manufacture and distribution of electronic and communications products, sold 2.91 million mobile phones, reflecting a year-on-year increase of 89.44%, and 2.81 million units were sold in the overseas market.

During the period from January to July, TCL saw its sales volume of air conditioners, refrigerators, and washing machines increased 75.86%, 11.31% and 29.92%, respectively.

Reportedly, TCL intends to issue RMB 500 million worth of 365-day financing bills in the inter-bank market on Aug. 17. to replenish working capital and to repay bank loans.