Asahi Glass Co. announced FY17 Q1 result with net revenue of ¥335.3 billion ($2.95 billion) and net profit of ¥22.1 billion ($195 million), resulting in a net profit margin of 6.5%. Revenue increased by 9% on a yearly basis while net profit more than doubled with a 126% increase on a yearly basis.
Given the improving economic situation in the Japanese market, the company saw a growth in shipments across all business segments especially the Glass and Chemicals segments. The turnaround at net profit level was due to a major decrease in income tax expenses resulting from a tax refund at a Taiwanese subsidiary.
The company maintains a guidance of ¥1,350.0 billion ($11.9 billion) as consolidated revenues and ¥72.0 billion ($633.0 million) as net profit for the complete FY17.