Smartphone-screen maker Japan Display on May 15 posted a net loss of 98.6 billion yen for the three months ended March 31, its ninth consecutive quarterly net loss.
The company's net loss for the fiscal year was 109 billion yen, resulting in part from a 75 billion yen writedown on one of its panel plants. The company also said it plans to cut around 1,000 jobs, or roughly one tenth of its workforce. Japan Display said on April 12 it had agreed to a rescue deal from a consortium of mainland Chinese and Taiwanese investors, as well as state-backed Innovation Network Corporation of Japan. However, the company said on May 13 that the consortium was delaying its investment in order to reassess the business’s prospects.
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