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Nippon Sheet Glass revises 2002 earnings

Nippon Sheet Glass Co. anticipates group sales of JPY 285 billion for the fiscal year through March 2003, a year-on-year decline of 1% and JPY 5 billion lower than the forecast made in May.
The compa…

Nippon Sheet Glass Co. anticipates group sales of JPY 285 billion for the fiscal year through March 2003, a year-on-year decline of 1% and JPY 5 billion lower than the forecast made in May. The company announced at the end of July that it intends to form a joint venture with French glassmaker Saint-Gobain SA to produce reinforcement-use glass fibre. Nippon Sheet Glass will spin off its glass fibre operations, which have been generating losses, and expects to set up a new company in September. Since it will take a 40% stake, the new venture will not be a consolidated subsidiary. The company projects a group operating profit of JPY 9 billion, a year-on-year gain of 80% and JPY 500 million above the May forecast. Nippon Sheet Glass sees a group net profit of JPY 3.3 billion, an improvement over the year-earlier loss of JPY 2.3 billion.

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