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Asahi earnings sharply higher

Asahi Glass Co Ltd., the Japanese glass manufacturer, reported group net earnings for the year ended 31 March 2001 of JPY 24.72 billion versus JPY 13.16 billion the previous year. Sales were JPY 1.31 …

Asahi Glass Co Ltd., the Japanese glass manufacturer, reported group net earnings for the year ended 31 March 2001 of JPY 24.72 billion versus JPY 13.16 billion the previous year. Sales were JPY 1.31 trillion compared to JPY 1.26 trillion the year before. Earnings per share were JPY 21.04 compared to JPY 11.20 the year before. Cash flow from operations was JPY 144.64 billion versus JPY 123.06 the year before. Asahi increased its forecast for fiscal 2002 net earnings to JPY 36 billion from the previous forecast of JPY 24.72 billion. The company said the strength in its electronics and display operations was the driving force behind the steep gains in profit. The segment reported sales of JPY 386.2 billion, a 35% gain, thanks to strong demand for displays for personal computers and electronics parts for use in computer peripheral products. This segment alone generated an operating profit of JPY 65.6 billion compared with JPY 24.2 billion a year earlier. Asahi Glass“s sales from its traditional glass operations dropped 5.4% to JPY 625.2 billion, on which the company earned an operating profit of JPY 35.9 billion. The company said cost-cutting measures together with the beneficial effect of the company“s withdrawal from unprofitable operations helped underpin its profitability.

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