Nippon Sheet Glass Co. (NSG) reported 5/02/07 a surge in group sales & profits during the April-Dec/06 period, due to the inclusion of Pilkington Plc, which it bought in 2006. NSG said its group net profit for the latest reporting period rose nearly fivefold to JPY 28.17BN from JPY5.79BN a year earlier. In addition to a big contribution from Pilkington, the company cited JPY 43.08BN in special profit from sales of its securities holdings to finance the purchase of Pilkington. Group sales for the 9M-period jumped 154% to JPY 485.94BN from JPY 191.07BN, as the Japanese company included Pilkington results from the July-Sept/06 period. Operating profit more than tripled to JPY 22.78BN. Despite higher fuel & raw material expenses, as well as weak sales of glass for housing construction in the US, the company noted strong sales of Pilkington's products. Nippon Sheet Glass bought all the shares in Pilkington it did not already own in an amicable takeover deal that valued the UK glass maker at around GBP 2.25BN. Pilkington became a member of the NSG Group on 16 June 2006. For the fiscal year ending March 2007, NSG reaffirmed its group net profit outlook at JPY 30BN. It also still expects revenue of JPY 680BN, including Pilkington's sales for the 9M-period ending March 2007. The company compiles earnings based on Japanese accounting standards.
