Nippon Sheet Glass Co. nearly doubled its group net profit in the April-June 2007 period, thanks to earnings at its Pilkington Plc acquisition and to asset sales.
The Japanese company, which bought i…
Nippon Sheet Glass Co. nearly doubled its group net profit in the April-June 2007 period, thanks to earnings at its Pilkington Plc acquisition and to asset sales. The Japanese company, which bought its UK rival in 2006 in a deal that created the world“s biggest glass maker by sales, also forecast on 23 August 2007 stronger profits and revenue for the current fiscal year. Nippon Sheet Glass increased its target for the fiscal year through March 2008 to JPY 53 billion from JPY 45 billion, and raised its revenue forecast to JPY 850 billion, up from its previous forecast of JPY 830 billion. The company booked a JPY 49.71 billion special profit on the sale of its Australasian operations, as well as related share sales. It also noted strong sales of glass for construction and vehicles in Europe. Nippon Sheet Glass posted a group net profit of JPY 46.92 billion for the quarter, up from JPY 24.12 billion a year earlier. Group operating profit jumped to JPY 12.15 billion from JPY 1.28 billion a year earlier while group sales leapt to JPY 217.80 billion from JPY 63.15 billion. The financial results are based on Japanese accounting standards.