Pilkington, a wholly-owned subsidiary of Japanese NSG Group, recently announced group sales of JPY 866BN (US$ 8.11 billion) for fiscal year 2008, ending 31/03/08. The figure was 27% higher than the company's sales in the previous fiscal year. Operating profit for Pilkington group in the latest fiscal year, before amortisation, reached JPY 71BN, up 63% on the previous period. According to Stuart Chambers, CO, Pilkington has managed to reduce debt further, & ahead of schedule. This was facilitated by cash flow of JPY 49BN from operating activities. He partly attributed the rise in sales to strong performance by the group in Europe. The group's auto business accounted for JPY 365BN sales, resulting in operating profit, before amortisation, of JPY 37BN. "Continuing high input costs, especially in energy & commodities, are depressing margins & we expect profits to be hit" in FY09_ Glass for Solar Energy/Photovoltaics will provide profit growth from this year, but further efficiency improvements and cost reduction will be needed and we have programmes in place. We remain on track to achieve our medium-term plan targets in FY11", said Mr. Chambers.
