Asahi Glass expects bigger group net loss

Asahi Glass Co. said on 25 April that it expects a group net loss of JPY 13 billion for the year ended 31 March, citing expenses associated with the closure of its subsidiary“s plant and a write-off …

Asahi Glass Co. said on 25 April that it expects a group net loss of JPY 13 billion for the year ended 31 March, citing expenses associated with the closure of its subsidiary“s plant and a write-off of losses on the goodwill of its US unit. The biggest Japanese glassmaker had previously projected a group net loss of JPY 9 billion for the just-ended business year. The net balance took hits from JPY 4 billion in losses associated with the shutdown of the Amagasaki factory of its Optrex Corp. branch, and a one-off write-off loss of JPY 3 billion regarding the goodwill of its US subsidiary Asahi Glass Fluoropolymers USA Inc. But the company revised upward its pretax and operating profit projections to JPY 44 billion and JPY 59 billion, respectively, from JPY 37 billion and JPY 57 billion, citing improvement of the performances of its liquid crystal display segment and cathode ray tube glass division.