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Nippon Sheet Glass sees JPY 30 billion FY group net profit

Nippon Sheet Glass Co. said 6 July 2006 that it estimates its group net profit will grow almost fourfold to JPY 30 billion for the present fiscal year ending March 2007.
Nippon Sheet Glass acquired a…

Nippon Sheet Glass Co. said 6 July 2006 that it estimates its group net profit will grow almost fourfold to JPY 30 billion for the present fiscal year ending March 2007. Nippon Sheet Glass acquired all the shares in Pilkington it did not own in a friendly takeover that valued the UK glass maker at around GBP 2.25 billion. The takeover was completed on 16 June 2006. Nippon Sheet Glass said the projected profit outlook takes into account Pilkington“s earnings for the nine-month period ending March. However, projected net profit is inflated by a special profit of JPY 42.2 billion, reflecting proceeds from sales of its securities holdings to finance the Pilkington acquisition. The projected profit figure also includes an annual portion of the write-off of Pilkington“s goodwill estimated at JPY 220 billion over the next 20 years. Before the acquisition, Nippon Sheet Glass“s group net profit totalled JPY 7.8 billion for the year ended March 2006. Pilkington had a net profit of JPY 22.0 billion in the same business year. For the current fiscal year, Nippon Sheet predicts group sales of JPY 680 billion, including Pilkington“s sales for the nine-month period. In the previous fiscal year, Nippon Sheet registered sales of JPY 265.9 billion, while Pilkington had sales of JPY 529.8 billion. When reflecting Pilkington“s earnings on a full year basis and excluding one-off expenses and special profits and losses, Nippon Sheet Glass estimates a group net profit of JPY 19 billion and sales of JPY 817 billion for the fiscal year ending March 2007.

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