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Asahi Glass: lower group loss expected for fiscal year

JPY 5 billion is size of the loss Asahi Glass Co. said 22 April 2003 it now expects for the fiscal year ended 31 March 2003, down from the previous estimated loss of JPY 6-billion.
The company said i…

JPY 5 billion is size of the loss Asahi Glass Co. said 22 April 2003 it now expects for the fiscal year ended 31 March 2003, down from the previous estimated loss of JPY 6-billion. The company said improvement in its principle business operations, together with the use of tax-effective accounting, helped eliminate losses related to the closure, announced April 2003, of the CRT joint venture with Corning Inc in the USA. Asahi Glass said it will stop production at Corning Asahi Video Products Co.in New York, a move blamed on the decline in demand for CRT in North America. Together with valuation losses totalling JPY 8.5 billion on facilities at the joint venture, Asahi Glass will have to face a combined JPY 10 billion in special loss due to the ending of production. However, other areas of its display operations, including LCD, produced more encouraging results. The company also noted an improvement in profitability in its domestic chemical operations. As a consequence, Asahi Glass raised its group operating profit forecast to JPY 67 billion from JPY 65 billion, but left its group sales outlook unchanged at JPY 1.3 trillion. Asahi Glass said the use of the tax accounting method allied to lower tax burdens in the U.S. and Europe helped counterbalance the negative effect of its U.S. closure. The tax accounting method better reflects the actual tax burden on a company over the fiscal period. For the fiscal year ended March 2002, Asahi Glass said it reported a group net loss of JPY 12.61 billion on sales of JPY 1.263 trillion.

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