Asahi Glass Co. expects a consolidated net profit of JPY 48 billion for the April-December 2003 fiscal period, up by JPY 2 billion on an earlier projection thanks to strong sales of glass substrates f…
Asahi Glass Co. expects a consolidated net profit of JPY 48 billion for the April-December 2003 fiscal period, up by JPY 2 billion on an earlier projection thanks to strong sales of glass substrates for computer monitors and flat-panel TVs. The company will report earnings for nine months only because of a change in its accounting period. The glass manufacturer posted a net loss of JPY 3.9 billion in the previous fiscal year to 31 March 2003, and the net profit for the April-December 2003 fiscal term will be the first since the fiscal year to 31 March 2001. Group sales are likely to be about JPY 1.23 trillion, compared to JPY 1.29 trillion in the previous year, exceeding an earlier projection by JPY 10 billion. Shipments of glass substrates for LCDs (liquid crystal displays) increased on the growth of the flat-panel TV market. The company“s electronic parts and display operations are likely to generate operating profit of JPY 37 billion, JPY 1 billion higher than projected earlier. The figure for the previous fiscal period was JPY 27.5 billion. The operating profit of the chemicals business is expected to reach JPY 7 billion, compared to JPY 1.3 billion in the previous year. Group operating profit is expected to be about JPY 78 billion, compared to JPY 67.4 billion in the previous term, and pretax profit is likely to be JPY 71 billion, up from JPY 56.7 billion. Both figures will be JPY 2 billion higher than forecasts. Asahi Glass is in a hurry to dispose of its cross shareholdings, whose evaluation losses were one of the reasons for the company“s net loss last year. Through the sale of shareholdings and real estate, the company“s extraordinary profit is likely to reach JPY 24 billion.