Turkey's Vestel to produce more LCDs

Bloomberg

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The firm produced 3.9 million liquid crystal display TVs last year, compared with 3.3 million in 2007. "We seek to produce over 5.5 million LCD TVs this year," Yüngül said.

Revenue growth will probably be slower than volume growth because prices declined in the global financial crisis, according to Yüngül.

Vestel, which exports about 90 percent of its LCD TVs to mainly European countries, has benefited as its competitors shut factories in Europe because of the global financial crisis.

The group exported 76 million euros ($97 million) worth of goods in January, up about 10 percent from a year earlier, Yüngül said.

Vestel made a net loss last year after posting a profit of 18 million Turkish Liras ($11 million) in 2007, he said. Owner Zorlu Holding will inject $110 million into Vestel later this month, he said.