In November 1995, the Japanese company Ishizuka Glass Co. reported that its first-half earnings fell as a drop in orders for mainstay bottles amid unstable weather delivered a heavy blow to the firm“…
In November 1995, the Japanese company Ishizuka Glass Co. reported that its first-half earnings fell as a drop in orders for mainstay bottles amid unstable weather delivered a heavy blow to the firm“s bottom line. The company said its recurring profit in the first six months that ended 20 September 1995 decreased 79.6% from a year earlier to JPY 112 million. Six-month sales skidded 11.4% to JPY 24,597 million with demand for bottles slipping a hefty 17.8% amid unseasonable weather conditions in the earlier months of the first half, Ishizuka Glass officials said. Paper containers suffered an 8% setback in sales, hit by price cuts following the yen“s steep appreciation, while tableware products showed a 1.8% decline in sales, negatively affected by low export levels, they said. After-tax profit in the six-month period plummeted 82.6% to JPY 52 million. For the full business year ending 20 March 1996, Ishizuka Glass projects a bleak recurring profit of JPY 200 million, down 65.3% from the previous year, on sales of JPY 45.3 billion, down 7.3%, still reeling from the big dent in the first-half results. After-tax profit is expected to drop 68.7% to JPY 100 million, but the company intends to keep the annual dividend at JPY 4 per share.