Nov 13 (Xinhua) — Apple supplier JdI on Wednesday reported its third-quarter 2019 results, leading to its 11th consecutive quarterof net loss due to sluggish sales of display products and high restructuring costs. The company is busy negotiating a bail-out deal with Apple and other investors.
The smartphone LCD panel maker, which receives more than half of its revenue from Apple, posted a net loss of Y25.4bn ($233m) for the July-September quarter, up from Y7.8bn ($71.52m) a year earlier.
JDI has been losing money for the past five years due to slowing sales of Apple’s iPhone and delayed adoption of OLED screens, and has never given a full-year profit outlook. But Minoru Kikuoka, the new chief executive, who took over in September, said in its earnings report that the company made a profit in October.
JDI is seeking to raise at least 50 billion yen ($470 million) after the Chinese investment firm Castrol abruptly pulled out of the bailout.
Apple plans to invest $200 million in the planned rescue fund, according to sources familiar with the talks. JDI said Hong Kong-based Oasis Management could contribute between $150m and $180m.
People familiar with the matter said concerns about the recent cash shortage had eased as Apple agreed to shorten the payment period. (Small)