LG targets 15% growth this year

Korean consumer electronics major LG has identified panel flat displays and GSM phones as focus products, as it aims to grow 15 per cent over last year's turnover of Rs 8,250 crore.

Announcing its annual results, the company said it clocked a turnover of Rs 8,250 crore in 2006 and was expecting an overall growth rate of 15 per cent this year.

Having achieved leadership position in plasma display panels and flat TVs, the company was expecting to become the market leader in liquid crystal display TVs as well, it said.

The other focus category would be GSM, in which it was aiming to be among the top three players, the company added.

The company said the target was to achieve 300 per cent growth to become one of the top three players in the GSM segment and was targeting to achieve sales of 10 million handsets by year 2009.

"We have already rolled out products such as Time Machine TV and Chocolate phone as part of this strategy, and the year 2007 will see us launching many more unique technologies and products. We will also strengthen our base as an export hub," LG India MD Moon B Shin said.

The company said in the domestic market it was looking at a growth of 15 per cent, while in the exports it was eyeing a growth of 19 per cent, which is expected to contribute Rs 950 crore to the total turnover in 2007.

Of the company's total turnover in 2006, home appliances contributed 43 per cent, while consumer electronics accounted for 39 per cent, IT products 13 per cent and GSM 5 per cent.

In 2006, it achieved a growth of 10 per cent over the previous year.