Nippon Electric Glass Co Ltd. Inc. saw its net profit fall 43.7% to JPY 10.38 billion on revenue up 5.3% to JPY 82.76 billion for the 1Q to 30 June 2007.
Operating profit fell 8.3% to JPY 18.77 billi…
Nippon Electric Glass Co Ltd. Inc. saw its net profit fall 43.7% to JPY 10.38 billion on revenue up 5.3% to JPY 82.76 billion for the 1Q to 30 June 2007. Operating profit fell 8.3% to JPY 18.77 billion and ordinary profit was down 8.7% to JPY 18.38 billion. Earnings per share dropped from JPY 57.9 to JPY 21.7 and net tangible assets decreased from JPY 794 to JPY 587 per share. The increase in revenue followed a 6.3% sales rise in the information and telecommunications related segment due to substrate glass for LCD and image sensor glass in electronics components, while CRT glass declined in line with the shrinkage of the market. The dip in profits followed sales price falls in flat panel display related products, a rising raw fuel price, and an increase in costs including depreciation. The sharp dip in net profit was due to the tax effects in the previous year as a result of the rehabilitation procedure under the US bankruptcy code in the US subsidiary. The company forecast a half-year net profit of JPY 20 billion on revenue of JPY 170 billion and a full year net profit of JPY 43 billion on revenue of JPY 360 billion.