Japan Display Exceeds 77 billion yen in excess of debt Rehabilitation receiving support hastened on August 9, 17:56
Japan Display, a liquid crystal panel maker under management restructuring, revealed that it was unable to stop the deterioration of its business performance, and that it had fallen in excess of 77.0 billion yen as of the end of June. We have agreed to receive up to 80 billion yen of financial support from Chinese funds, etc., and we are urgently considering a radical reconstruction.
Japan Display announced on the 9th that the financial results for the three months from April to June were 90.4 billion yen in sales, 12.5% lower than the same period of the previous year.
The net loss was 83.2 billion yen, a significant increase from the previous year, which was a deficit of more than 1.7 billion yen.
In the smartphone business, which accounts for 60% of sales, orders from Apple, the main business partner, decreased, and the occupancy rate of the Hakusan factory in Ishikawa Prefecture declined. The main factor was the loss.
As a result, Japan Display fell into a debt surplus of 77.2 billion yen at the end of June. Japan Display has finally agreed to receive up to 80 billion yen of financial support from funds in China and Hong Kong for management reconstruction.
Due to prolonged discussions with the fund, we will postpone the extraordinary general meeting of shareholders scheduled to be held later this month to the end of next month, deciding on the necessary procedures for raising funds, and urgently reconstructing them.