It will sell a 70-percent stake in its NEC LCD Technologies to the Avic International Group that owns LCD panel maker Tianma.

The NEC subsidiary, based in Kawasaki near Tokyo, will be renamed to launch as a tie-up in July and will be based in Japan.

The move is in line with NEC's efforts to pull out of unprofitable operations and focus on more promising lines of business such as cloud computing, Kyodo News said.

NEC later Friday revised down its earnings forecast for fiscal 2010, which ends in March, now expecting no net income as opposed to 15 billion yen ($183 million) expected earlier.

NEC expects operating income of 60 billion yen, 40 percent less than the previous forecast, citing "worsening profitability due to intensified competition," the company said.

The Japanese firm announced last month that it will form a personal computer joint venture in Japan with China's Lenovo.

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