Japan Display posts wider-than-expected Q1 operating loss
TOKYO Aug 7 (Reuters) - Japan Display Inc, the world's biggest maker of LCD panels for smartphones and tablets, posted a deeper quarterly operating loss than expected on Thursday, citing weaker orders from U.S. and European firms than the previous year.
The Apple Inc supplier logged an operating loss of 12.7 billion yen ($124.2 million) for the April-June quarter, lagging estimates of a 5.9 billion yen loss made by five analysts surveyed by Thomson Reuters I/B/E/S.
Chief Financial officer Yasuhiro Nishi said the results were in line with company expectations of a 13 billion yen loss, due to falling market prices. Japan Display said average prices for its panels had dropped 11 percent on the year.
Shares in Japan Display, formed from the failing LCD units of Sony Corp, Hitachi Ltd and Toshiba Corp , have fallen 37 percent from its initial public offering price since it listed in March, amid doubts about its competitive edge in a volatile market.
The shares closed up 1.4 percent at 567 yen before the earnings were released on Thursday. ($1 = 102.2600 Japanese yen) (Reporting by Sophie Knight; Editing by Matt Driskill)