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Apple supplier Japan Display posts first quarterly profit in over three years

·1-min read
Japan Display Inc's logo is pictured at its headquarters in Tokyo

TOKYO (Reuters) - Apple supplier Japan Display Inc 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 (OLED) panel affiliate JOLED.

Net profit for the three months ended March was 9.4 billion yen ($87.26 million), 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 $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 ($1 billion) from Japanese investment manager Ichigo Asset Management, a critical bailout for the company that has long been dependant on publicly funded rescues.

($1 = 107.7300 yen)

(Reporting by Makiko Yamazaki; Editing by Kim Coghill and Muralikumar Anantharaman)

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