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Nippon Sheet Glass: 1H net profit up 447%

Nippon Sheet Glass Co. Ltd., reported a net profit for the half year to 30 September 2006 of JPY 21.265 billion, up 447.4% on the previous year, on revenue up 114.8% to JPY 273.259 billion. Operating …

Nippon Sheet Glass Co. Ltd., reported a net profit for the half year to 30 September 2006 of JPY 21.265 billion, up 447.4% on the previous year, on revenue up 114.8% to JPY 273.259 billion. Operating profit was 124.3% higher to JPY 8.681 billion and ordinary profit increased 38.5% to JPY 8.286 billion. The interim dividend is JPY 3 a share. The sharp rise in revenue followed an increase in delivery of functional architectural glass, favourable growth seen in the transportation glass and materials business owing to domestic auto production increase, and the inclusion of the performance of Pilkington PLC newly consolidated in June 2006. The significant increase in operating profit followed an increase in gross profit on sales with the revenue increase and lower costs of selling and general administration. The double-digit increase in ordinary profit followed a sharp increase in operating profit, despite the deterioration of the non-operating account balance caused by the increase in interest costs. Net profit increased thanks to the posting of JPY 45.5 billion of extraordinary profit, including the gain on the sale of investments in securities in association with raising funds for the Pilkington acquisition and provision for repairs. The full year outlook is for a net profit of JPY 30 billion on JPY 680 billion in revenue and an ordinary profit of JPY 25 billion.

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