Central Glass: 9-month net profit rises on lower revenue

Japan“s Central Glass Co Ltd increased net profit 18.1% to JPY 9.3 billion on a revenue down 3.2% to JPY 142.5 billion for the nine months to 31 December 2006.
Operating profit fell 8.3% to JPY 12.6…

Japan“s Central Glass Co Ltd increased net profit 18.1% to JPY 9.3 billion on a revenue down 3.2% to JPY 142.5 billion for the nine months to 31 December 2006. Operating profit fell 8.3% to JPY 12.6 billion and ordinary profit was down 2.6% to JPY 14.2 billion. Earnings per share rose from JPY 32.9 to JPY 39, while net tangible assets increased from JPY 556 to JPY 600 per share. Demand for high performance flat glass increased in the construction field, particularly multi-layered and high security glass. However the subsequent increase in competition and the withdrawal of products by the company resulted in lower revenue. Autoglass performed solidly, however flat results by overseas subsidiaries depressed revenue. The company“s fine glass range benefited from strong sales of plasma televisions during the period, but a fall in LCD-related products resulted in a drop in revenue and profits for the division. The chemical business had a solid year, but the withdrawal of certain products pushed revenue to a small decrease. The company has not changed its full year outlook, forecasting a net profit of JPY 11.8 billion, revenue of JPY 193 billion and ordinary profit of JPY 18.5 billion.