November 12, 2018 / 6:33 AM / 2 years ago

Japan Display posts sixth quarterly loss, cuts outlook

FILE PHOTO: Japan Display Inc's logo is pictured at its headquarters in Tokyo, Japan, August 9, 2016. REUTERS/Kim Kyung-Hoon/File Photo

TOKYO (Reuters) - Screen maker Japan Display Inc (6740.T) on Monday posted a sixth straight quarterly operating loss and lowered its outlook for the full year on weaker demand from smartphone makers.

The company, a supplier to Apple Inc (AAPL.O), posted a loss of 4.7 billion yen in the second quarter. While that was narrower than the 12.4 billion loss a year earlier, it was worse than an average estimate of a 2.3 billion yen loss from six analysts surveyed by Refinitiv.

The company said it expects full-year sales to grow 5-15 percent, versus a previous forecast for a 10-20 percent growth, and for an annual operating margin of 1-2 percent rather than an earlier projection of 2-3 percent.

Japan Display specializes in liquid crystal display (LCD) screens. Its recent string of losses partly stem from its delayed adoption of organic light-emitting diode (OLED) screens that has cost the display maker orders from Apple.

Some of its Chinese smartphone maker clients have also started using OLED screens for their high-end models.

Reporting by Makiko Yamazaki; Editing by Himani Sarkar

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