Japan“s Nippon Sheet Glass Co. raised its group net profit forecast for the fiscal year ended March 31 to 14 billion yen from 12 billion.
The company credited the estimated revision to a fire insura…
Japan“s Nippon Sheet Glass Co. raised its group net profit forecast for the fiscal year ended March 31 to 14 billion yen from 12 billion. The company credited the estimated revision to a fire insurance refund and larger-than-expected gains from the sale of securities holdings. These extraordinary profits offset the impact of the 9.1 billion yen extraordinary group-based loss Nippon Sheet Glass will book to cover a shortfall in its pension and retirement fund payment pool, it said. Nippon kept its group sales estimate for the year unchanged at 280 billion yen and its group pretax profit estimate unchanged at 2.50 billion. In the fiscal year ended March 1999, the firm had a group net loss of 2.98 billion yen on group sales of 249.52 billion. It reported a group pre-tax loss of 2.52 billion yen. On a parent basis, Nippon Sheet Glass cut its net profit estimate for the fiscal year ended March 31 to 500 million yen from 2 billion. It blamed the extraordinary loss of 7.7 billion yen to cover a shortfall in its pension and retirement fund payment pool on a parent basis, which a surplus reserve for repairing a plant and the impact of tax effective accounting together failed to offset, Nippon said. The company kept unchanged its parent pretax profit estimate of 2 billion yen and sales estimate of 190 billion. In the fiscal year ended March 1999, the company posted a parent pre-tax profit of 787 million yen on parent sales of 185.09 billion. It had a parent net profit of 401 million yen.