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Asahi Glass posts first-ever net loss

For its consolidated closing of accounts in March, Asahi Glass recorded its first net loss since it was listed on the stock exchange. In addition to the lackluster electronic and display business due …

For its consolidated closing of accounts in March, Asahi Glass recorded its first net loss since it was listed on the stock exchange. In addition to the lackluster electronic and display business due to the IT recession, chemical products also found it rough going in Japan and overseas. An additional discouraging factor is the blowout in extraordinary losses, brought about by the payment of structural improvement expenses ahead of schedule, arising from the withdrawal of the CRT Funabashi Plant and the Kitakyushu Plant, and the centralization of optoelectronics production bases. This year electronics and displays are expected to increase sales and profits in real terms, while glass and chemicals are also expected to record increased sales and improved profits, and a net income of JPY 28 billion will be recorded, a figure higher than the year ending March 2001. Consolidated performance for the year ending March comprised sales of JPY 1,263 billion (a decrease of 3.8% from the previous year), operating profit of Y58.988 billion (down 7.2%), ordinary profit of JPY 44.470 billion (a decrease of 54.6%), and net loss of JPY 12.605 billion (in 2001 the company recorded a net profit of JPY 24.724 billion).

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