13 November 1997: For the first six months of the year ending on 31 March 1998, the Japanese glassmaker Asahi Glass has reported an improvement in profits despite slow sales, which fell 0.3% to 432.8 …
13 November 1997: For the first six months of the year ending on 31 March 1998, the Japanese glassmaker Asahi Glass has reported an improvement in profits despite slow sales, which fell 0.3% to 432.8 billion yen (US$ 3.6 billion). Pre-tax profit grew 4.7% to 15.1 billion yen and net profit 5.6% to 10 billion yen. Asahi said market conditions had been difficult during the six-month period, with a stagnant economy and the consumption tax increase affecting both general consumer spending and housing investment. For the full year to March 1998, Asahi forecasts a 5.1% increase in net profits to 20 billion yen, on sales down 1.5% from 903 billion yen to 890 billion yen. Pre-tax profits should grow 2.3% to 31 billion yen. Asahi has declared an interim dividend of 4.5 yen and expects to pay a final dividend of the same amount, together with a special 1 yen dividend to mark the company“s 90th anniversary.