Nippon Sheet Glass cuts FY01 group net outlook to Y1 billion loss

Nippon Sheet Glass Co . (J.NSG or 5202) Friday revised down its profit forecast for the year ended March 31 due to slimmer profits on its information technology products and poor earnings at subsidiaries.

The company now expects to post a group net loss of Y1 billion, compared with a profit of Y1 billion forecast in November.It left its sales estimate unchanged at Y295 billion.

One of the firm's subsidiaries was forced to temporarily halt production of glass panels for liquid crystal displays, reducing the parent company's profit.

Delayed construction work is expected to cause another subsidiary, Isolite Insulating Products Co . (J.IIP or 5358), to book losses for last fiscal year, Nippon Sheet Glass said.

At 0532 GMT , shares of Nippon Sheet Glass were up 0.8% at Y490 and Isolite was down 2.4% at Y161. The Nikkei 225 Stock Average was off 0.5%.

600450 Nippon Sheet Glass cuts FY01 group net outlook to Y1 billion loss
Date: 8 April 2002
Source: Yahoo

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