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Asahi Glass Net Falls on Waning Demand From Builders

Post Time:Aug 05,2008Classify:Company NewsView:334

Aug. 5 (Bloomberg) -- Asahi Glass Co., Asia's largest glassmaker, said first-half profit fell 9 percent as demand waned from builders and carmakers and without the benefit a one-time gain earned the previous year.

Net income fell to 48 billion yen ($444 million), or 41.07 yean a share, in the six months ended March 31 from 52.9 billion yen, or 45.07 yen, a year earlier, the Tokyo-based company said today in a statement through the city's stock exchange. Sales slid 4 percent to 774.1 billion yen.

Asahi Glass kept its annual profit forecast unchanged at 100 billion yen, a 44 percent increase from last year. First-half operating profit for the company, the world's second-largest maker of glass for liquid-crystal displays, rose 21 percent to 109.6 billion yen on demand from flat-screen television makers.

The company suspended some shipments of glass used in liquid-crystal displays at its Takasago plant after molten glass leaked from one of the plant's two furnaces on July 29, damaging a wall at the plant, Yoshihiko Saitou, a spokesman for Tokyo-based Asahi Glass, said today by telephone.

Shares of Asahi Glass fell 0.8 percent to 1,090 yen at the close of trading on the Tokyo Stock Exchange before the earnings were announced. The glassmaker has fallen 27 percent this year, compared with a 16 percent decline in the Nikkei 225 Stock Average.

Source: BloombergAuthor: admin

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