1 April 1999: Japan“s Asahi Glass Co. has slashed its consolidated after-tax profit projection for the year to March 31 to 5 billion yen from the previously estimated 12 billion yen.
The major glass…
1 April 1999: Japan“s Asahi Glass Co. has slashed its consolidated after-tax profit projection for the year to March 31 to 5 billion yen from the previously estimated 12 billion yen. The major glass manufacturer now projects 1.25 trillion yen in sales for the year, down from the previous estimate of 1.3 trillion yen. Asahi Glass attributed the downward revision to the yen“s sharp rise against the dollar and falling product prices that cut into profits of the firm and its subsidiaries. The company also reduced the year“s projections for itself alone, expecting to log 11 billion yen in recurring profit, down from the previously forecast 17 billion yen, on sales of 725 billion yen, down from 740 billion yen.