Asahi Glass Announces Revision of Results Forecast

Date: 29 April 2003
Source: Glass Digest Magazine

Date: 29 April 2003

Asahi Glass Co., Ltd. announced on April 22 that it had revised its earnings projections for fiscal 2003 (the term from April 1, 2002 through March 31, 2003), which were announced on March 25, 2003.

Following the aggravation of the business environment due to decreased demand for cathode-ray tubes (CRTs) in North America, the company decided to discontinue production activities at Corning Asahi Video Products Company (headquartered in the United States), which should be factored in the company's financial results under the equity method.As a result, the company decided to record 10 billion-yen (approx. $84 million U.S.) of additional extraordinary loss, add to about 8.5 billion-yen (approx. $71 million U.S.) worth of decrease in appraisal of the fixed assets of the U.S. firm (announced on March 6, 2003), which it had planned to score as non-operating loss.

Operating profit is expected to increase by 2 billion yen (approx. $17 million U.S.) from the previous projection to 67 billion yen (approx. $560 million U.S.) thanks to good performance of the display business and the improvement of the domestic chemicals business. With a rise in operating profit, since the Company decided to post as extraordinary loss about 8.5 billion-yen worth (approx. $71 million U.S.) decrease in appraisal of the fixed assets of the U.S firm, mentioned above, which it had planned to score as non-operating loss, ordinary profit is projected at 56 billion yen (approx. $470 million U.S.), up 11 billion yen (approx. $92 million U.S.) from the previous forecast.

Net loss is expected to decrease by 1 billion yen (approx. $8 million U.S.) from the previous projection to 5 billion yen (approx. $42 million U.S.), since effective income tax with additional extraordinary loss of 10 billion-yen by the discontinuation of production and decrease of income tax cost in Europe and US, though the additional extraordinary loss of 8.5 billion-yen with the decrease in appraisal of the fixed assets, and 10 billion-yen from the discontinuation of the production.

As a result of the good performance of the display business and the improvement of the domestic chemicals business, operating profit is expected to rise by 4.5 billion yen to 5 billion yen and ordinary profit is expected to grow 5 billion yen to 11 billion yen, while net loss is expected to decrease by 3 billion yen to 29 billion yen.
600450 Asahi Glass Announces Revision of Results Forecast glassonweb.com

See more news about:

Others also read

MORE...

Emirates Glass wins major deals
Local quality glass producer Emirates Glass Limited has won contracts to supply 68,000 square metres of its high quality EmiCool glass to five major projects in Dubai.
Southwall Technologies Secures New Bank Loan and Equity Financing Agreement Led by Needham & Company
Southwall Technologies Inc. (Nasdaq:SWTX), a global developer, manufacturer and marketer of thin-film coatings for the electronic display, automotive glass and architectural markets, today announced that on Dec. 18, 2003, it secured an agreement for a new bank loan guarantee and equity financing package of up to $7.5 million from Needham & Company, Inc., its affiliates and Dolphin Asset Management.
KUB accepts Nippon Sheet Glass offer
KUB Malaysia Bhd has accepted an offer from Nippon Sheet Glass Co Ltd (NSG) to acquire its 15% stake in Malaysian Sheet Glass Bhd (MSG) for RM32.6 million in cash, or RM2.68 per share.
Micro-Tek Canada, Inc. and Co-Ventures in Glass Containers, Ltd.
Co-Ventures in Glass Containers (CVIGC, Ltd.) of Tampa, Florida, USA and Micro-Tek Canada, Inc. Of Toronto, Canada are excited to announce the beginning of a long term joint venture to combine their extensive experiences and resources to offer the Glass Container Industry globally a best value alternative for all their outsourcing needs in manufacturing, operations and technical assistance agreements, specifically targeted to the smaller manufacturers who have found the larger service companies to be cost and profit prohibitive.The principals of the two companies have found a global need for smaller glass companies who require excellent technical resources to properly compete within the industry without the high costs of employing their own staffs or outsourcing their requirements to the larger service companies whose own operating costs and overhead are substantial.
Autoglass maker dumps dumping charges
China's largest automobile glass maker Fuyao Glass Industry Group Co, Ltd, won its case against the dumping ruling of the US Department of Commerce (DOC).
History of Glass Wine Bottles
When did the wine industry start using glass bottles, and how did they settle on their current size of 750ml? For the answer to these questions, you have to go back in time - back thousands of years to when wine was first cultivated and enjoyed.

Add new comment