Nippon Sheet Glass sees 2001 loss

Nippon Sheet Glass Co. said on 31 May that it incurred a group net loss of JPY 2,278 million in the fiscal year that ended 31 March, in a turnaround from the previous year“s profit of JPY 31,522 mil…

Nippon Sheet Glass Co. said on 31 May that it incurred a group net loss of JPY 2,278 million in the fiscal year that ended 31 March, in a turnaround from the previous year“s profit of JPY 31,522 million. The figure was largely due to booking an extraordinary loss totaling JPY 4,611 million for factors such as special retirement fee payments, losses on sales of fixed assets and losses for liquidating affiliates, the company said. Recurring profit plunged 95.5% to JPY 1,074 million, on sales of JPY 286,849 million, a decrease of 6.7%. Earnings were pushed down by a 41.2% drop in sales of products used in information-related electronic equipment amid a global slump in the information technology industry, it said. In the current fiscal year to March 2003, Nippon Sheet Glass forecasts a group net profit of JPY 3 billion, and a recurring profit of JPY 6 billion, an increase of 458.7%. Sales are estimated at JPY 290 billion, up 1.1%.