LG display manufacturing
Revenue up 27%, sales by 46%, and global LCD TV market expected to increase almost 40% this year

A boom in demand for LCD TVs has enabled LG Display, which makes panels for televisions to announce record revenues, and turn 2008 losses into a solid profit.

And the company expects LCD TV sales to keep on increasing: the global LCD TV market in 2009 was estimated at 130m sets, up 10m from earlier forecasts, and it's expected sales this year will reach 180m.

LG Display lost 685bn won (around £372bn) in last quarter of 2008, but has just announced that record sales of 6.08tn won (£3.3bn) in the same period last year, up a massive 46% year-on-year, enabled it to show a net profit of £260m for the three months.

And that was despite slower demand bringing down panel prices, and the strength of the Korean currency.

Sales for the whole year were up 27% on 2008, at a record high of 20.61tn won (around £11.2bn), and industry analysts expect the LCD TV market to keep on growing, with panel prices stablising.

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Chief financial officer Jeon Ho-young says that he expects TV manufacturers to restock with panels to meet demand created by falling LCD TV prices, major sporting events such as the World Cup, and the Chinese New Year.

The fast-growing Chinese market is seen as a huge opportunity for TV companies, and both the big Korean brands have either made, or are considering, major investments in manufacturing on the Chinese mainland in order to meet local demand.

LG plans an investment of 4tn won, or a little over £2bn, to consolidate its position in the fast-growing global market for LCD TV.Follow whathifi on Twitter