TOKYO: Apple supplier Japan Display reported on Tuesday its first quarterly net profit in more than three years, boosted by the sale of its stake in organic light-emitting diode panel affiliate JOLED.
Net profit for the three months ended March was 9.4 billion yen , versus a 96.7 billion yen loss a year earlier. It last reported a net profit in the October-December quarter of 2016.The display maker also said it would delay sales of production equipment at its main smartphone screen factory in central Japan to"an overseas customer", which sources have said is Apple.
The transaction, originally scheduled for end-March, will be completed in July-September due to the coronavirus outbreak slowing administrative procedures, it said. Japan Display will receive US$200 million, which would be used for repayment to the customer. Japan Display has been losing money for the past six years on an annual basis due to its late shift to OLED screens, competition from cut-price Chinese players and slowing growth in smartphone demand.
The company has agreed a deal to receive up to 110.8 billion yen from Japanese investment manager Ichigo Asset Management, a critical bailout for the company that has long been dependant on publicly funded rescues.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Apple supplier Japan Display posts first quarterly profit in more than three yearsApple supplier Japan Display Inc on Tuesday reported its first quarterly net profit in more than three years, boosted by asset sales.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Japan pushes back against talk of G-7 that includes South KoreaTOKYO (BLOOMBERG) - Japan said it opposed changes to the Group of Seven nations as it pushed back against a reform plan by US President Donald Trump that would have rival South Korea join in an expanded meeting this year.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Accordia Golf Trust offered S$804.1m by sponsor to divest all its Japan golf coursesTHE sponsor of Accordia Golf Trust (AGT) has proposed to acquire the trust's 88 golf courses in Japan for S$804.1 million, or an implied purchase consideration of S$0.732 per unit, it said on Monday. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Japan retail sales fall sharply in May as lockdown measures hit demandTOKYO (REUTERS) - Retail sales in Japan tumbled at a double-digit pace for the second straight month in May as the coronavirus pandemic and lockdown measures delivered a heavy blow to consumer confidence.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »
Nintendo theme park in Japan won't open this summer[TOKYO] Universal Studios Japan decided to postpone an opening of the Nintendo-themed area that was originally scheduled for this summer due to the ongoing Covid-19 pandemic, people familiar with the matter said. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »
Japan automakers' May global sales drop 38% as lockdowns weighJapanese automakers' global sales declined 38per cent in May, in the third straight month of big falls as most automotive factories and ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »