Nippon Sheet Glass: April-Dec 2008 net profit down 83%

Nippon Sheet Glass Co. said 13 February 2009 it registered a group net profit of only JPY 10.5 billion in April-December 2008, attributing the 83% deterioration year-on-year to high fuel prices and po…

Nippon Sheet Glass Co. said 13 February 2009 it registered a group net profit of only JPY 10.5 billion in April-December 2008, attributing the 83% deterioration year-on-year to high fuel prices and poor sales of auto and building glass in Europe and elsewhere. The profit total was also pressured by an extraordinary loss for the April-September half due to European Commission fines for its alleged involvement in an auto glass cartel. Sales for the nine-month period fell 10% to JPY 586.4 billion, hindered by weak European auto demand in the October-December quarter. The stronger yen also took a bite out of earnings. Nippon Sheet Glass is bracing for a JPY 22 billion net loss for the year ending March 2009, compared to a profit of JPY 50.4 billion in 2008. Group sales are projected at JPY 750 billion, down 13%.