Apple shortfall dents panel business

One of the main producers of iPhone screens, Japan Display, is looking around for new customers after the shine went off Apple’s business.

Japan Display thinks that it can boost sales by up to 60 percent by hawking its screens to smaller makers of phones and tablets.

Apple has pulled back its orders as people lose interest in its products and left many suppliers in trouble.

However Japan Display thinks it might increase sales to as much as $8.10 billion,

CEO Shuichi Otsuka told Reuters that reducing the outfit’s dependence on Jobs’ Mob should off-set most of the loses.

The company was formed out of a merger of the small panel divisions of Sony, Hitachi and Toshiba last April. It did not mention Apple by name, but it is the company’s biggest customer.

Wall Street analyst were surprised when Apple’s iPhone 5 sales missed their cocaine fuelled expectations and sales fell for three quarters.

Otsuka said that before the fourth quarter, his company thought it was going to have quite a loss after a dramatic cut in orders.

Japan Display cut costs, boosted productivity at its plants and was able to recover from the October-December loss with sales to other smaller clients.

While he had not given up on the company’s big clients, Japan Display would continue to talk to clients, Otsuka told Reuters.

The company may proceed with its initial public offering at the earliest in fiscal year 2014, or the following year at the latest, Otsuka said.