Sichuan Changhong Electric Co, China's second-biggest television maker, said full-year profit climbed 47 percent as higher incomes spurred sales of flat-screen televisions.

Net income increased to 337 million yuan (48.2 million U.S. dollars), or 0.18 yuan a share, from a restated 229 million yuan, or 0.12 yuan, a year earlier, the Mianyang, southwest China-based company said in a statement to Shanghai's stock exchange on Saturday. Sales rose 22 percent to 23 billion yuan.

Demand for flat-screen TVs surged as China's economic expansion boosted incomes, letting more consumers replace bulkier glass-tube sets. The Beijing Olympics may spur Chinese shoppers to buy 77 percent more flat-screen televisions this year, according to researcher DisplaySearch.

Changhong fell 2.9 percent to close at 6.02 yuan in Shanghai on Friday. The stock has fallen 30 percent this year, compared with a 39-percent decline for China's benchmark CSI 300 Index.

Disposable incomes in China's urban areas climbed 11.5 percent in the first quarter.