Asahi Glass: 2005 profit down, shift to LCD glass

  Company news

Japan``s Asahi Glass Co. posted group profits down 23% for the business year ended 31 December 2005, citing a decline in demand for CRT glass and higher raw materials expenses. The company said 15 Fe...

Japan``s Asahi Glass Co. posted group profits down 23% for the business year ended 31 December 2005, citing a decline in demand for CRT glass and higher raw materials expenses. The company said 15 February 2006 that its group net profit fell to JPY 60.01 billion from JPY 78.29 billion a year earlier. Its group sales rose 3.5% to JPY 1.527 trillion from JPY 1.476 trillion. However, Japan``s largest glass maker is betting it can improve its profitability under its mid-term plan, by increasing LCD glass production capacity by nearly 70% and cutting costs. The move is aimed at fulfilling strong demand for glass substrates from client electronics makers who are building new facilities to make more and larger LCD TVs. Asahi Glass said it is aiming for group operating profit of JPY 180 billion for the 2007 calendar year, up 52% from the JPY 118.19 billion operating profit it generated in the business year just-ended. It is also aiming for group sales of JPY 1.7 trillion in 2007, up 11% from 2005. Asahi Glass said demand for glass substrates is expected to rise at an annual rate of 20% - 30% in 2006 and 2007, with potential for even further growth. This growth would be supported by strong demand from such clients as Sharp Corp. the world``s largest LCD TV maker. Asahi Glass said it will raise production capacity to enable total output of 37 million square meters of glass substrates by 2007, compared with the current 22 million square meters. Specifically, the company will...
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