Asahi Glass has revised both its first half and full year 2016 consolidated financial forecasts, based on ‘recent performance trends’.
The previous forecast for the first half 2016 was ¥680 billion ($6.4 billion), with operating profit of ¥30 billion ($281.4 million). The revised forecast is revenue of ¥625 billion ($5.9 billion) and profits of ¥39 billion ($365.8 million). AGC says that net sales are expected to fall due to the strong yen versus the dollar and euro. However, profits will rise due to lower fuel and raw materials costs, in addition to an improvement in the glass business in Europe.
First half results have also been revised downwards, from ¥1.4 trillion ($13.1 billion) and ¥75 billion ($703.6 million) operating profit to ¥1.3 trillion ($12.2 billion) and ¥84 billion ($788 millon) operating profit. Again, this is due to the reasons above. Exchange rates have been assumed to have risen, from ¥108 to $1 to ¥120 to $1.