Nippon Sheet Glass Co.“s group pretax profit is expected to jump 370% to about JPY 38 billion for the year ending 31 March 2008 due to strong sales in Europe, where subsidiary Pilkington Plc is based…
Nippon Sheet Glass Co.“s group pretax profit is expected to jump 370% to about JPY 38 billion for the year ending 31 March 2008 due to strong sales in Europe, where subsidiary Pilkington Plc is based. The company“s pretax profit is forecast to exceed a previous estimate by JPY 11 billion. Sales are likely to rise 27% to about JPY 865 billion, JPY 15 billion more than previously expected. Demand for building glass has remained strong as more infrastructure projects commence in the Czech Republic, Hungary and other Eastern European countries. Shipments of automotive glass are increasing in volume terms, with the addition of Pilkington expanding Nippon Sheet Glass“ customer base. Group operating profit is seen surging about 130% to JPY 54 billion or so. Despite approximately JPY 24 billion in goodwill amortization expenses and rising crude oil prices, price rises and increased sales volume are poised to more than offset these negative factors. Net profit will likely jump nearly 400% to about JPY 60 billion, with a JPY 32 billion capital gain from the sale of Pilkington“s Australian subsidiary to be booked as an extraordinary profit.