Japan Display forecasts 45 pct profit rise, below forecast
TOKYO May 15 (Reuters) - Japan Display Inc, the world's biggest maker of liquid crystal displays for smartphones, forecast a 45 percent rise in operating profit this business year, missing analyst estimates in its first earnings release since a $3.3 billion initial public offering in March.
The company, which supplies screens for Apple Inc's iPhone, forecast profit of 40 billion yen ($392.91 million) for the year to March 2015, versus the 57.4 billion yen mean estimate of 12 analysts according to Thomson Reuters StarMine.
For the year ended on March 31, operating profit was 27.6 billion yen, meeting lowered guidance of 27.20 billion yen announced on April 28, when the company said declining prices had led to drawn out negotiations with clients and delayed orders.
Shares of Japan Display ended 1.7 percent lower ahead of the release at 589 yen, slipping to a record closing low for a fourth consecutive session and underperforming a 0.8 percent decline in the benchmark Nikkei average. Japan Display's shares have tumbled 35 percent from their 900 yen IPO price since debuting on the Tokyo Stock Exchange on March 19. (Reporting by Sophie Knight; Editing by Edmund Klamann and Christopher Cushing)