With the demand from the backlight market nearing saturation and the general lighting market yet to take off, growth in demand has been slow, resulting in a huge demand-supply gap that has put pressure on the average LED selling price.
Healthcare sales fell at an underlying rate of 1% from a year earlier, while overall lighting sales were flat due to weak demand from the construction sector.
We continue to see pricing pressure due to the weak demand in the China outdoor street lighting market, together with the overcapacity of backlight that has spilled over to the general lighting market.