TPV Technology, one of the world's leading computer monitor-makers, posted 25.6 per cent growth in net profit to US$32.15 million for the nine months to September 30. The company said strong growth in China's PC shipments was one of the main reasons. Shipments to China accounted for about 41.3 per cent of the company's turnover, up from 32.6 per cent for the previous corresponding period. International Data Corporation has forecast China will record 20 per cent growth in PC shipments for the full year, though it also said the growth of China's PC market had slowed to 13 per cent in the third quarter. TPV has about 40 per cent of the market share in China. Turnover for the monitor-maker stood at US$863.27 million for the first nine months, up 27.12 per cent from a year ago. On a quarterly basis, TPV Technology's net profit for the third quarter lifted 25.4 per cent year-on-year to US$12.3 million, while turnover surged 24.2 per cent during the quarter. Strong growth in higher-margin LCD (liquid crystal display) shipments was also a contributor to the company's earnings performance, according to chairman and managing director Jason Hsuan. TPV Technology had sold 290,000 LCD units in the three months to September, more than double the 114,000 sold in the second quarter. 'Since the price gap between CRT [cathode ray tube] monitors and their comparable LCD models is narrowing, migration towards LCD displays will continue and become the key driver to the group's long-term growth,' Mr Hsuan said. He said the company would continue to use competitive prices to lift market share. The company was targeting 10 per cent of global market share for LCDs. TPV yesterday announced it had secured new LCD monitor supply contracts from international PC giants International Business Machine (IBM) and Hewlett Packard (HP), which totalled US$100 million for next year. The company derives about 70 per cent of its revenue shipping monitors to the world's major PC-makers such as Hewlett-Packard, IBM and Legend. It also secured about US$50 million worth of new orders for CRT monitors from Dell. Shares in TPV rose 1.68 per cent yesterday to finish at HK$1.82.