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Japan Display still swimming in red ink after missing Apple wave

LCD panel maker fails to anticipate industry shift toward OLED

Japan Display President Shuji Aruga, left, broke the bad news at an earnings briefing Wednesday.

TOKYO -- Japan Display's dismal fiscal 2016 earnings stood out in the sea of good results from electronic-device makers, but the company has only itself to blame for misreading a clear shift in demand from its biggest customer -- Apple.

The major LCD panel manufacturer on Wednesday reported a group net loss of 31.6 billion yen ($277 million) for the year ended in March. The third consecutive year of net losses came despite Chairman Mitsuru Homma expressing hope for a annual profit as recently as February.

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