Screen maker Japan Display would slash about 1,000 jobsChristian Fernsby ▼ |
Asia Japan Display to cut jobs
Cash-strapped screen maker Japan Display posted a ninth consecutive quarterly net loss, hit by weaker-than-expected demand from Apple Inc, its biggest client.
For the full year, the net loss totaled 109.4 billion yen, far worse than an average estimate of a 13.47 billion yen loss from six analysts surveyed by Refinitiv. It was the fifth straight year of loss.
The company also said it took a 75.2 billion yen writedown on one of its panel plants and would slash about 1,000 jobs, or about a tenth of the group’s workforce.
The results will be closely watched by Japan Display’s Chinese-Taiwanese suitors, who delayed an up to 80 billion yen investment this week in order to reassess the company’s prospects. ■