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Japan Display to cut 3,700 jobs on first-quarter loss

Kyodo

Japan Display Inc. on Wednesday reported a group net loss in the April to June quarter for the fourth straight year, announcing fresh restructuring measures including slashing some 3,700 jobs, mainly overseas.

The liquid crystal display panel maker reported a net loss of ¥31.46 billion and an operating loss of ¥14.44 billion for the first quarter of the 2017 business year, chiefly due to the cost of running a new factory in central Japan.

Consolidated sales stood at ¥188.59 billion, up 8.2 percent from a year earlier.

In an attempt to turn around struggling operations, it laid out plans to cut some 3,700 jobs, including 240 in Japan, as well as ending some overseas production and suspending operations at a domestic factory in December.

For the full year through next March 31, the company said sales may fall 15 to 25 percent from the previous year as sales of panels for smartphones decline. It also expects to incur a one-time loss of ¥170 billion to carry out the restructuring measures.