Job Cuts: Business Year and Retirement Program

job cuts: Kikuoka, who was promoted from chief financial officer last month, said the company aims to return to the black following a restructuring of its workforce, through about 1,200 job cuts via a voluntary early retirement program conducted earlier this year. ; I have been more and more confident about the turnaround of our business in the second half of the current business year, he said in an interview, according to The Japan Times. In the April-June period Japan Display logged a group net loss of 83.27 billion, and slipped into negative net worth amid falling demand for smartphones. President and CEO Minoru Kikuoka said Thursday his company is expected to be profitable in the second half of the current business year, which runs through March, with its new OLED products projected to reach the market later this year. In the last fiscal year, which ended in March, the company incurred a group net loss for the fifth straight year, affected by declining demand from Apple Inc. However, the struggling panel-maker said last month that Harvest had retracted its offer of financial aid while stressing that the firm had agreed to receive up to 430 million from Oasis and its customers, including Apple, by November. To jump-start its business, Japan Display had agreed to receive a capital injection of up to 80 billion 734 million from a consortium of China's Harvest Tech Investment Management Co. and Hong Kong's Oasis Management Co. (news.financializer.com). As reported in the news.