Apple supplier Japan Display on Tuesday announced it expected a bigger loss in business year compared to the previous year as sluggish demand for iPhones dragged down sales of its display panels. Japan Display estimated a net loss of 31.8 billion yen ($291.96 million) for the year ended March, wider than the 12.3 billion yen loss it reported for the previous year.

The company, which generates about 40 percent of sales from Apple, also cut its full-year operating profit estimate to 16.7 billion yen from the 22.0 billion yen it forecast in February.

Japan Display, Sharp and LG Display are currently the three major display suppliers for the iPhone.

Apple reported in late April its first-ever decline in iPhone sales.