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Nippon Sheet Glass: restructuring expected to deliver JPY 3 billion profit

Nippon Sheet Glass Co. said 14 November 2003 it expects to post a group net profit of JPY 3 billion for the year to March 2004, reversing the previous year“s loss of JPY 3,152 million, as restructuri…

Nippon Sheet Glass Co. said 14 November 2003 it expects to post a group net profit of JPY 3 billion for the year to March 2004, reversing the previous year“s loss of JPY 3,152 million, as restructuring measures take effect. Sales are estimated at JPY 260 billion, down 7.2 %. The company plans to pay annual dividends of JPY 3 per share, the same as the previous year. Operating profit is estimated at JPY 8 billion, almost double the previous year“s JPY 4,302 million. The glass and construction materials division is expected to produce profits of JPY 6 billion, while the glass fiber division is set to generate profits of JPY 4.5 billion, the company said. For the April-September fiscal 1H, Nippon Sheet Glass reported a group net profit of JPY 365 million, a turnaround from the year-before loss of JPY 1,573 million. The turnaround resulted from foreign exchange gains and a special profit of JPY 5,631 million from the sale of shareholdings. Sales declined 5.8% to JPY 132,029 million.

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