Flat Glass downgrades profit forecast

Sydney, Apr 28, 2008 (RWE via COMTEX) -- -- (RWE Australian Business News) Flat Glass Industries Ltd (ASX:FGI) today warned net profit for the year ending June 30 would be in a range of $3.5m to $3.7m.

The forecast result, which is about 15pc below previous stockbroker-issued estimates, compares with the net profit for the year ended June 30 2007 of $2.904m.

Directors said market conditions in NSW remained difficult with trading results for the March 2008 quarter below the comparable period for last year.

"We expect these conditions in NSW will continue for the remainder of the financial year," they said.

All subsidiaries and operations outside NSW glass businesses continued to perform satisfactorily and in line with expectations.

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