Central Glass 1Q 2006 net profit down 7.3%

Japan“s Central Glass Co Ltd reported a net profit for the 1Q to 30 June 2006 of JPY 2.55 billion, down 7.3% from the previous year, on revenue down 2.8% to JPY 46.7 billion. Operating profit was dow…

Japan“s Central Glass Co Ltd reported a net profit for the 1Q to 30 June 2006 of JPY 2.55 billion, down 7.3% from the previous year, on revenue down 2.8% to JPY 46.7 billion. Operating profit was down 11.2% to JPY 4.02 billion and ordinary profit fell 7.5% to JPY 4.34 billion. The fall in revenue followed a decline in glass sales in the construction, automobile and electronic industries. The downward move in sales of chemicals and fertilizers in the chemical products segment also hit revenue. Although there was an improvement in non-operating income and expenditure balance, the fall in profits followed a reduction in gross profit on sales due to a rise in sales costs, despite the cost cutting effect. In the next half year, the company expects net profit of JPY 4.8 billion on revenue of JPY 95.5 billion, an operating profit of JPY 7.4 billion and an ordinary profit of JPY 7.5 billion. The full year outlook is for a net profit of JPY 11.8 billion on revenue of JPY 197 billion, operating profit of JPY 18 billion and an ordinary profit of JPY 18.5 billion.