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Nippon Sheet Glass Posts Profit on Sales From Europe
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 Nippon Sheet Glass Co., supplier of car windows, returned to profit in the second quarter after a weaker yen against the pound and euro increased the value of earnings from Europe, its biggest market.
Net income totaled 4.55 billion yen ($42 million) in the three months ended Sept. 30, compared with a loss of 3.86 billion yen a year earlier. Sales rose 2.9 percent to 216.1 billion yen. The quarterly figures were derived from the first-half results released today by the Tokyo-based company.
Nippon Sheet benefited as the weaker Japanese currency boosted repatriated earnings from Europe, where demand for glass used in buildings and cars is growing. Europe now accounts for half of Nippon Sheet's sales after its 1.8 billion pound ($3.7 billion) purchase of Pilkington Plc last year.
"The European business, especially Eastern Europe, such as Russia and Poland, is stronger than we expected,'' Chief Financial Officer Hiroyoshi Koshiba said today at a press conference in Tokyo.
The Japanese currency averaged 159.66 yen to the euro in the second-quarter, 6.8 percent weaker than a year earlier. The value of the yen against the pound dropped 5.9 percent from a year earlier to 233.93 yen, according to Bloomberg data.
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November 22nd, 2007
Photo: Bloomberg.com
Source: Bloomberg.com |
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