Corning has posted a 53% slump in its fourth quarter profit and announced it is scaling back production of liquid crystal display (LCD) glass, due to a drop in demand for LCD televisions.

As one of the world’s largest makers of LCD glass, the company said it has had to cut its prices in recent months because Asian panel makers have excess supplies.

According to the company, the net income fell to $491 million, or 31 cents per share, which is down from $1.04 billion, or 66 cents per share, in 2010.

Revenue rose 7% to $1.89 billion from $1.77 billion, lifted by a 4% rise in sales of LCD glass, which totalled $780 million.

The company expects the retail market for LCD products to grow to 3.6 billion ft2 in 2012 from approximately 3.2 billion ft2 in 2011.