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05:47:20 am

Japan Display Ceo Says Sorry As Outlook Slashed Again - Yahoo Finance

Chief Executive Shuichi Otsuka apologised for disappointing investors after Japan Display on Thursday forecast a full-year net loss of 12 billion yen ($104 million). That is worse than its outlook in October when it slashed an earlier 26.8 billion yen profit forecast to a loss of 10 billion yen. The company was formed in 2012 following the merger of the display units of Sony Corp, Toshiba Corp and Hitachi Ltd. Its IPO in March was met with a massive sell-off as investors fretted over falling screen prices and the company's dependence on Apple. While LCD screen prices have been weak this year, strong results from rival Sharp Corp recently have suggested that Japan Display's woes may be company-specific, analysts say. Sharp said this month that its smartphone screen shipments may exceed its earlier expectations due to growing business in China. By contrast, Japan Display swung to a second-quarter net loss of 11 billion yen from a profit of 2 billion yen a year earlier. Sharp has also been helped in particular by a strong relationship with fast-growing budget smartphone maker Xiaomi Technology Co Ltd in China. Otsuka said Japan Display began doing business with Xiaomi in the second quarter, and forecast sales to Chinese smartphone makers would improve in the second half.
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