Nippon Sheet Glass Co. (NSG) reported 5 February 2007 a surge in group sales and profits during the April-December 2006 period, due to the inclusion of the UK“s Pilkington Plc, which it bought in 200…
Nippon Sheet Glass Co. (NSG) reported 5 February 2007 a surge in group sales and profits during the April-December 2006 period, due to the inclusion of the UK“s Pilkington Plc, which it bought in 2006. NSG said its group net profit for the latest reporting period rose nearly fivefold to JPY 28.17 billion from JPY5.79 billion a year earlier. In addition to a big contribution from Pilkington, the company cited JPY 43.08 billion in special profit from sales of its securities holdings to finance the purchase of Pilkington. Group sales for the nine-month period jumped 154% to JPY 485.94 billion from JPY 191.07 billion, as the Japanese company included Pilkington results from the July-September 2006 period. Operating profit more than tripled to JPY 22.78 billion. Despite higher fuel and raw material expenses, as well as weak sales of glass for housing construction in the US, the company noted strong sales of Pilkington“s products, including glass for use in automobiles in Europe. Nippon Sheet Glass bought all the shares in Pilkington it did not already own in an amicable takeover deal that valued the UK glass maker at around GBP 2.25 billion. Pilkington became a member of the NSG Group on 16 June 2006. For the fiscal year ending March 2007, Nippon Sheet Glass reaffirmed its group net profit outlook at JPY 30 billion. It also still expects revenue of JPY 680 billion, including Pilkington“s sales for the nine-month period ending March 2007. The company compiles earnings based on Japanese accounting standards.