Nippon Electric Glass Co Ltd reported net profit down by 73% to JPY 3.2 billion for the year to 31 March 2006.
Revenue was down 4.4% to JPY 296.4 billion, operating profit rose 1.7% to JPY 52 billion…
Nippon Electric Glass Co Ltd reported net profit down by 73% to JPY 3.2 billion for the year to 31 March 2006. Revenue was down 4.4% to JPY 296.4 billion, operating profit rose 1.7% to JPY 52 billion and ordinary profit was 0.3% higher to JPY 49.4 billion. The final dividend is JPY5 and the total annual dividend is JPY 9. Net assets per share increased from JPY 682 to JPY 724. Earnings per share fell from JPY 37 to JPY 9.7. Good sales of non-CRT glass, primarily for flat panel display products, were undermined by the decline in the CRT business and falling prices resulted in a decrease in revenue. Retail and general expenses were cut as efficiency was improved, but the worsening profitability of CRTs and rising material prices meant only small gains for operating and ordinary profits. Net profit fell further because of business reorganisation costs and expenses relating to the shift to a retirement benefit scheme. The company is expecting a net profit of JPY 15 billion for the half-year to 30 September 2006, with revenue of JPY 150 billion and ordinary profit of JPY 26 billion forecast. For the year to 31 March 2007, a net profit of JPY 30 billion is projected. Revenue of JPY 320 billion and an ordinary profit of JPY 55 billion are forecast.