11 February 1999: The international glassmaker, has moved to reassure nervous investors that its plans for recovery have not been knocked off course by the Brazilian currency crisis.
Pilkington said …
11 February 1999: The international glassmaker, has moved to reassure nervous investors that its plans for recovery have not been knocked off course by the Brazilian currency crisis. Pilkington said recently that the devaluation of the Brazilian real would have a one-off adverse impact on the value of its working capital in Brazil of around UK 15 million. It added that, at constant exchange rates, its results for the first nine months of the year were in line with expectations. Analysts said the announcements on Brazil and on current trading were not that significant in themselves, but illustrated an increased “openness” by the company. “The announcement on Brazil does not mean that much because the real is a floating currency and the figures will certainly change at the end of the financial year,” said one stockbroker, who added that most analysts were expecting an 8% increase in Pilkington“s overall profits before tax this year to about UK 130 million.