Nippon Sheet Glass Co has said it slid into a net loss for the fiscal year ended March and warned of deeper trouble ahead, soaking up restructuring costs to offset the impact of Europe's economic weakness on its core construction and auto glass operations. The bleak outlook underlines the challenges facing new management at Japan's second biggest glassmaker by sales as it seeks to accelerate a shakeout of non-core assets and staffing following the abrupt resignation of former CE Craig Naylor recently. The company reported a net loss of Y2.82BN. Restructuring charges this year will mount to Y19BN, the company said. American executive Naylor, stepped down less than two years into the job over still unexplained "fundamental disagreements" on strategy to turn around the company, which announced a programme of 3,500 job cuts in February in an effort to tackle costs.
