November 8, 2017 / 6:14 AM / a year ago

Japan Display falls deeper into the red, hit by OLED shift

TOKYO, Nov 8 (Reuters) - Japan Display Inc on Wednesday reported a deeper loss for the three months through September as its late entry into organic light-emitting diode (OLED) technology led to fewer orders from its largest client, Apple Inc.

The liquid crystal display (LCD) maker dependent on Apple for half of its sales posted a net loss of 36.6 billion yen ($321.53 million) for its second financial quarter, versus the year-before loss of 4.9 billion yen.

The result compared with a Thomson Reuters I/B/E/S Estimate of a 60.4 billion yen loss drawn from the views of five analysts.

Japan Display, money-losing for the past three years, declined to give a full-year earnings outlook.

The company in August outlined an operational overhaul under which it would streamline production lines and cut 30 percent of its workforce, resulting in a special loss of 170 billion yen for the current year.

It also said annual revenue was likely to drop 15 to 25 percent due to a shift to OLED displays by “major customers,” and that it was considering tapping new investors, potentially Chinese panel makers, for capital to catch up in the technology. ($1 = 113.8300 yen)

Reporting by Makiko Yamazaki; Editing by Christopher Cushing

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