11 June 1998: Japan“s Nippon Sheet Glass Co. reported that its consolidated recurring profit in the business year to last March rose 10.8% from the previous year to 4.4 billion yen. The Osaka-based f…
11 June 1998: Japan“s Nippon Sheet Glass Co. reported that its consolidated recurring profit in the business year to last March rose 10.8% from the previous year to 4.4 billion yen. The Osaka-based flat glass maker said group sales in fiscal 1997 rose 2.6% to 270 billion yen. The glass and building materials division suffered a 2.7% decline on the back of sluggish housing and automobile demand. But sales of other products, such as materials for telecommunications and electronic equipment, showed robust growth of 14.6%. After-tax profit was up a hefty 143.2% to 1.2 billion yen. For the current business year to March 1999, Nippon Sheet Glass projects recurring profit will fall 9.3% to 4 billion yen on sales of 270 billion yen, unchanged from the previous year. After-tax profit is estimated at 1.5 billion yen, up 21.2%. The figures covered the parent company, 62 consolidated subsidiaries and 5 firms subject to the equity method. On a parent-only basis, Nippon Sheet Glass posted a recurring profit of 2.2 billion yen in the business year to March, down 30.1%, on sales of 204 billion yen, off 1.4%. After-tax profit was down 26.7% to 1,123 million yen. For the current business year, Nippon Sheet Glass expects recurring profit to drop 10.5% to 2 billion yen, on sales of 205 billion yen, up 0.6%. After-tax profit is forecast at one billion yen, down 11.0%. The company plans to keep its annual dividend unchanged at 3 yen per share.