Japan“s Nippon Sheet Glass, a member of the Sumitomo Group, reported in its interim results for September 1995 that revenue was down by 2% based on flat sales in automobile glass. Distribution and la…
Japan“s Nippon Sheet Glass, a member of the Sumitomo Group, reported in its interim results for September 1995 that revenue was down by 2% based on flat sales in automobile glass. Distribution and labour cost cuts resulted in JPY 630 million operating profit (JPY 8.4 million operating deficit at interim 1994). Gains on stock sold were only JPY 1.2 billion against JPY 2.1 billion posted the previous year, but current profit was still up by a factor of 2.9. Auto glass is not expected to recover in the second half, and though volume in high-tech areas such as glass for liquid display panels is growing, prices are way down. Revenue will probably be down by 3% at year end in March 1996. There may be no gains on stock posted for the second half, but current profit should still be double that of the previous year. The company also announced that its “95/“96 group forecast has been cut. Sales forecast decreased to JPY 255 billion versus the previous forecast of JPY 265 billion and the actual JPY 258.58 billion of a year ago. The latest forecast for the company“s current is JPY 2.5 billion against the previous forecast of JPY 4 billion and actual JPY 684 million of the year before. Net profit is forecast at JPY 1 billion versus the previously forecast profit of JPY 2 billion and a loss of JPY 554 million for the year earlier. Year to 31 March 1996 group forecast (in billion yen unless specified) Latest Previous Actual (Group) forecast forecast year-ago Sales 255 265 258.58 Current 2.5 4 684 million Net profit/(loss) 1 2 554 million