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Nippon Electric Glass: drop expected in current profit

12 March 1998: Nippon Electric Glass anticipates a decline of 47% year-on-year in current profit for the term ending 31 March 1998 to 7 billion yen on net sales of 228 billion yen, down 4% year-on-yea…

12 March 1998: Nippon Electric Glass anticipates a decline of 47% year-on-year in current profit for the term ending 31 March 1998 to 7 billion yen on net sales of 228 billion yen, down 4% year-on-year. Streamlined growth in the PC market, especially in Japan, is said to have weakened sales of mainstay CRT and liquid-crystal glass for monitors. Nippon Electric Glass now forecasts an after-tax profit of 6.5 billion yen for the year, down from the earlier projection of 7.5 billion yen. For the previous year to March 1997, the company reported a recurring profit of 13,145 million yen and an after-tax profit of 7,658 million yen on sales of 237,731 million yen. On a consolidated basis, the company expects sales in the year to total 338 billion yen, down from the initial estimate of 342 billion yen. However, the consolidated pre-tax profit estimate was revised upward to 26 billion yen from 23.5 billion yen on the brisk performances of its overseas subsidiaries and the positive effects of the weaker yen, officials said. The company lowered its group net profit estimate to 9 billion yen from 14 billion yen, as it is expected to book an exchange loss of around 8.7 billion yen stemming from borrowings at its Malaysian subsidiary. In the previous year to March 1997, Nippon Electric Glass posted a consolidated pre-tax profit of 26,315 million yen and a net profit of 13,160 million yen on group sales of 315,137 million yen.

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