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Nippon Sheet Glass: profits fall in fiscal 1998

3 June 1999: Japan“s Nippon Sheet Glass Co. said its profits fell sharply on weaker sales in fiscal 1998 to 31 March.
Recurring profit tumbled 64.8% from the previous year to 787 million yen, with s…

3 June 1999: Japan“s Nippon Sheet Glass Co. said its profits fell sharply on weaker sales in fiscal 1998 to 31 March. Recurring profit tumbled 64.8% from the previous year to 787 million yen, with sales dipping 9.2% to 185.09 billion yen. Sales of mainstay flat glass fell 9.9% to 100.03 billion yen amid weaker housing demand, slow automobile sales and fiercer competition, the major flat glass maker said. Sales of other products sank 8.2% to 85.06 billion yen. Building materials fared poorly, but optical products and glass magnetic disks enjoyed brisk demand. After-tax profit plummeted 64.3% to 401 million yen. The company kept annual dividend payments unchanged at 3 yen per share. Nippon Sheet Glass expects a 2.5-fold year-on-year expansion in recurring profit to 2 billion yen for the current business year to March 2000, with sales estimated at 190 billion yen, up 2.7%. After-tax profit is expected to grow fivefold to 2 billion yen.

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