Nippon Electric Glass affirms full year net forecast

Nippon Electric Glass Co Ltd maintained a full-year net profit forecast of JPY 43 billion after net profit for the half-year to 30 September 2007 decreased 0.7% to JPY 21.2 billion. Revenue was up 3.3…

Nippon Electric Glass Co Ltd maintained a full-year net profit forecast of JPY 43 billion after net profit for the half-year to 30 September 2007 decreased 0.7% to JPY 21.2 billion. Revenue was up 3.3% to JPY 171.5 billion. Operating profit increased 1.7% to JPY 43.7 billion and ordinary profit rose 4% to JPY42.5 billion. Earnings per share fell from JPY 66.9 to JPY44.3 per share due to a one to 1.5 stock split. An interim dividend of JPY 4 was declared and an annual dividend of JPY 8 per share is estimated, down from JPY 11 in 2006. Flat panel display glass sales benefited from the expanding flat television market, while CRT glass sales suffered from a shrinking market. Fiberglass sales rose as demand for high-function resins in motor vehicle parts increased, with a new production facility open in Malaysia. The full-year revenue forecast is unchanged at JPY 360 billion to 31 March 2008.