Nippon Sheet Glass Co. said 31 May 2004 that it posted a group net profit of JPY 3,207 million for fiscal 2003 to March 2004, a turnaround from the previous year“s loss of JPY 3,152 million.
The com…
Nippon Sheet Glass Co. said 31 May 2004 that it posted a group net profit of JPY 3,207 million for fiscal 2003 to March 2004, a turnaround from the previous year“s loss of JPY 3,152 million. The company returned to profit for the first time in three years thanks to a sharp increase in group operating profit and strong operations at NH Techno Glass Corp, a joint venture between Nippon Sheet Glass Co Ltd and Hoya Corp. Nippon Sheet Glass saw its group operating profit go up 133% to JPY 10,025 million, thanks to successful efforts to reform its profit structure. Group sales totaled JPY 269,149 million, down 3.9%. For the current fiscal year ending in March 2005, Nippon Sheet Glass expects to post a net profit of JPY 7 billion, up 118.3%. Although its group sales are expected to go down 1.5% to JPY 265 billion, partly due to its withdrawal from the magnetic disk business, the company aims to achieve profit growth by promoting further structural reform, including cost cuts.