Screen supplier Japan Display reported a stronger-than-expected rise in quarterly profit amid higher demand from Apple Inc and Chinese smartphone makers, in stark contrast with peer Sharp Corp's shrinking panel business.
Japan Display said on Thursday operating profit for October-December climbed 80 percent from a year earlier to 14.7 billion yen ($122 million U.S.). Analysts on average had expected a profit of 14 billion yen.
Plagued by the intense competition from Asian rivals that has also hit Sharp, Japan Display had reported steep losses in the previous two quarters, before sales to Apple for the iPhone 6 kicked in. As a result, the Japanese firm still expects an operating loss of 6.5 billion yen for the year through March.
Japan Display has endured a rocky spell since its listing in Tokyo last year. Formed in a government-backed deal in 2012 from the ailing display units of Sony, Toshiba and Hitachi, its shares have fallen 45% from their market debut, closing at 418 yen on Thursday before the quarterly results were published.
