Asahi Reports Rise In Operating Profits

Asahi Glass reported a 35% rise in operating profits for the 1Q 2007, though sales revenue was down 0.5%. For the first 3m of the year, the group reported net sales of US$ 3.24BN, down 0.5% a year earlier. Operating income for the period increased to US$ 361.17M. Net income increased 38% to US$ 244M, (US$ 177.2M) in the corresponding quarter of 2006. Asahi noted that the market for CRT glass remained weak, while the market for glass substrates for flat panel displays remained relatively steady. During the 1Q 2007, sales in the flat glass business increased as a result of the continuously solid market in Europe. In Asia, low-priced Chinese-made products resulted in a stagnant market.