Toshiba said on Thursday it has stopped domestic production of LCD televisions in the face of price falls. The company also said its annual operating profit is likely to reach 450 billion yen ($5.60 billion) by the business year ending in March 2015.

At a corporate meeting held in Japan today, Toshiba's President Norio Sasaki outlined the company's mid-term management plan, which includes the decision to stop producing LCD TVs in Japan. A similar has already been announced by Hitachi Ltd as Japanese firms struggle to manage with a strong yen.

Toshiba plans to expand to ODMs and has already retired TV production in its Fukaya plant in Japan. Toshiba will try to strengthen its presence in emerging markets with the relese of new advetising campaigns for new TVs and services. Keeping up with the latest technology trends, Toshiba will also expand its cloud-based services for its TVs, promote its 4K2K 3D TVs (both with glasses and glasses-free models) and also keep offering innovative products such as OLED TVs.

Japan's biggest chip maker also said on Thursday its annual operating profit is likely to reach 450 billion yen ($5.60 billion) by the business year ending in March 2015.

In its mid-term business plan, the company also said its capital spending for the three years to March 2015 will be about 1.4 trillion yen and it plans to spend around 1.1 trillion yen on research and development during the same period.

The firm forecast an operating profit for the current year of 300 billion yen last week, buoyed by strong sales of its flash NAND memory chips used in Apple's blockbuster iPhones and iPads.