Nippon Sheet: improved forecasts but difficult short-term

Japanese glassmaker Nippon Sheet Glass has improved its forecasts for the next six months after stabilization and some small changes within its divisions.
NSG announced losses of GBP 47 million in th…

Japanese glassmaker Nippon Sheet Glass has improved its forecasts for the next six months after stabilization and some small changes within its divisions. NSG announced losses of GBP 47 million in the three months to 30 September 2009 on sales of slightly below GBP 1 billionn. NSG was hit badly by the global recession as the building and automotive markets saw a huge slump, but has increased its sales forecast by 1.7%, to GBP 3.94 billion, which will, however, still show a year-on-year fall of 20%. The second-quarter losses follow a GBP 70.5 million loss in the first quarter and GBP 191 million loss in its last financial year. NSG has reduced its forecast for losses in the year to 31 March 2010, by GBP 20 million to about GBP 310 million. According to a statement to the Tokyo stock exchange, NSG said: “This new revised forecast reflects the continued stability of the group“s markets, with the second half results expected to show a slight improvement from the second quarter.” NSG has cut its workforce by 6,200 people in the last year.