Porcher Industries-Owens Corning joint venture Advanced Glassfiber Yarns has announced figures for the quarter ending 30 September 2000.
Net sales totalled US$ 68.8 million, an 8.2% improvement on th…
Porcher Industries-Owens Corning joint venture Advanced Glassfiber Yarns has announced figures for the quarter ending 30 September 2000. Net sales totalled US$ 68.8 million, an 8.2% improvement on the US$ 63.6 million for the same period in 1999. Nine-month sales rose 11.1% to US$ 208 million, compared to US$ 187.2 million previously. The net increase in sales for the first nine months of 2000 was attributed to higher demand primarily in the electrical and construction markets, where sales increased by 24.6% and 15.3% respectively. Pre-tax profit remains stable at 26.2% of net sales for the quarter to 30 September 2000. For the first nine months of 2000, pre-tax profit decreased to 26.6% from 28.1% for the nine months to 30 September 1999. Operating income increased US$ 2.8 million to US$ 34.4 million, or 16.5% of net sales, for the nine months ended 30 September 2000, up from US$ 31.6 million, or 16.9% of net sales, for the first nine months of 1999.