Nippon Sheet Glass Posts Profit on Sales From Europe

Date: 22 November 2007
Source: Bloomberg.com

Date: 22 November 2007

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.

600450 Nippon Sheet Glass Posts Profit on Sales From Europe glassonweb.com

See more news about:

Others also read

NSG Group announces that the Group has decided to cease the production on a float line at Weiherhammer site, Germany, ahead of the cold repair planned next year.
NSG Group is pleased to announce the plan to invest in additional TCO (transparent conductive oxide) glass production capacity in the United States to support the growing solar market.
The bending furnace will be delivered in Q3/2024.
The Annual General Meeting of BV Glas (Bundesverband Glasindustrie) has elected Christian Quenett its President for the next two years.
Now is the time to focus on energy efficiency, quality and automation with every piece of glass processed.

Add new comment

From industry

İçmeler Mah. D-100 Karayolu Cad. No:44A,
34947 Tuzla,/İstanbul
Turkey