|
Financials
Nippon Sheet Glass reports $42 million net income in second quarter
Nippon Sheet Glass Co., Japan, returned to profit in the second quarter, which ended Sept. 30, with $42 million net income, according to financial statements released Nov. 21. For the same quarter last year, NSG reported a loss of $35 million.
The profit is a result of a 2.9 percent increase in sales combined with the favorable currency exchange rate from the euro and pound to the weaker yen. Ninety percent of sales came from the company’s flat glass business, according to the release.
The declining U.S. market and a slowdown in the growth of the German market balanced growth in Russia and Eastern Europe and a steady recovery in Central European economies. The Japanese economy also grew slightly despite higher prices for raw materials and oil, according to the release.
Demand for glass continues to grow in Europe, NSG’s largest market since the June 2006 $3.7 billion acquisition of Pilkington. The European market accounts for half the company’s total sales, according to the release.
NSG remains conservative in its estimates of total net income for this fiscal year, anticipating about $490 million. Higher fuel costs and the slow down of the Japanese and U.S. markets are expected to impact profits in the latter half of the year. Read NSG’s full report here.
|
