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Central Glass enjoys jump in group operating profit

Japan“s Central Glass Co. announced a 68% rise in group operating profit to 11.4 billion yen (US$ 106.68 million) for the year ended March 31.
The company“s glass business turned profitable thanks …

Japan“s Central Glass Co. announced a 68% rise in group operating profit to 11.4 billion yen (US$ 106.68 million) for the year ended March 31. The company“s glass business turned profitable thanks to growth in sales of both highly profitable substrates for liquid crystal displays and double-glazed windows. Revenue from high-margin fine chemicals also expanded. Revenue inched up 1%. Although sales of glass for automobiles and construction declined, this was more than offset by growth in sales of LCD glass. Revenue from chemical products slipped due to sinking fertilizer sales. Despite the encouraging operating figure, Central Glass suffered a net loss of 500 million yen, compared with a loss of 300 million yen the previous year. The company booked 500 million yen in extraordinary profit on the sale of idle land, but extraordinary losses ran larger, one of them being an 8 billion yen charge to boost reserves for retirement/severance obligations. In the current year through March 2001, group sales are forecast to rise 1%, thanks in part to higher prices for sheet glass. Group net profit is expected to reach 4 billion yen despite an extraordinary loss of about 1.4 billion yen to make up more of the short fall in retirement/severance reserves.

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