LG has announced plans to launch a 55in OLED TV by this time next year.

The CEO of the company’s Display division, Kwon Young-soo made the announcement in Korea as the company released its second quarter results.

Mr Kwon said he saw no point in continuing to focus on small and medium-sized OLED (Organic Light-Emitting Diode) display technology, which has so far tended to be used in tablets, mobile phones and smaller screens like the one pictured.

He said: “We will make no more investment in the sector, judging that the OLED business is relatively less profitable than other products in the mobile sector… LGD will launch a 55-in OLED TV by the second half next year.”

He admits that first orders will be small, certainly in comparison with the company’s LCD output: “Initial production volume would be only tens of thousands of units due to limited production facilities, but we will expand them to a mass production system, observing market reactions.”

LG’s second quarter results saw operating losses reduced from almost KRW240bn (£140m) in the first quarter to less than KRW50bn (£28m), on sales of just over KRW6tn (£3.5bn), a rise of 13%.