EINDHOVEN, Netherlands, March 12, 2008 (AFP) - Dutch electronics giant Philips said Wednesday it has further cut its stake in its South Korean joint venture, LG Philips LCD, the world's second-largest maker of flat panel screens.

Philips said it sold 24 million shares or a 6.7 percent stake in LG Philips LCD on the market, raising 680 million euros (1.05 billion dollars) in the process and cutting its holding to 13.2 percent.

It said the sale would generate a net gain of 95 million euros which would be booked in the first quarter of this year.

Philips said in July 2004 that it wanted to reduce its stake in the joint venture and last October unloaded a 13 percent holding for some 2.2 billion dollars.

South Korean partner LG Electronics is the largest shareholder in LG Philips LCD with 37.9 percent.