Japan Display has delayed publication of its annual results until late June, from an original date of 15 May, and subsequently also its AGM to August. The company said the various lockdown measures, in particular at its manufacturing subsidiary in the Philippines, mean it is taking longer than expected to close accounts for the fiscal year to March.
The company said it has largely maintained production at its sites in Japan in the past quarter, but operations in China and the Philippines had been affected by the Covid-19 outbreak and related business restrictions. While the manufacturing environment is starting to return to normal, demand is expected to deteriorate due to the economic slowdown, leading the company to pursue additional cost-cutting measures. It’s also in talks with the new shareholder Ichigo Trust to obtain another JPY 5 billion in working capital to help it through the difficult market conditions.
JDI said the impact of the coronavirus made it difficult to turn a profit in fiscal Q4 as hoped. Revenues for the period are still expected down around 25 percent on a sequential basis.
The company also confirmed the formation of a Governance Improvement Committee. This will include its chairman and president as well as three independent members. Telecompaper