29 October 1998: Belgian glassmaker Glaverbel said in a statement that it expected operating results to show a clear increase by the end of the year.
“At the end of 1998 group net income will be favo…
29 October 1998: Belgian glassmaker Glaverbel said in a statement that it expected operating results to show a clear increase by the end of the year. “At the end of 1998 group net income will be favourably influenced by the clear increase in operating results, very low interest rates and the absence of any significant extraordinary charges,” it said. Glaverbel added that earnings per share (EPS) at the end of the third quarter already benefitted from the acquistion of PPG Europe, which it mainly financed by debt. The company said it had sales of BFr 12.3 billion in the third quarter, up more than 17% from the same period a year earlier. During the first nine months net sales were BFr 35.3 billion, up about 11%. Sales mainly rose due to the PPG aquisition. Without it, cumulative sales would only have been up 5% by the end of September, the comapny said. Glaverbel, which is majority owned by Japan“s Asahi Glass, said that while demand from the car sector continued to be strong, production capacity was having problems keeping up. It also said that the economic crisis in Asia only had a limited impact on its thin glass sector.