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Asahi Glass Co. Ltd. (AGC) recently reported financial results for the six months ended June 30, 2013. Net sales were ¥638.4 billion (~ $663 million), an increase of 9.5% or ¥55.2 billion (~ $573 million) from the same period of the previous year. Operating income decreased by ¥13.9 billion (~ $144 million) or 29% year-on-year to ¥34.1 billion (~ $354 million), and ordinary income decreased by ¥14.8 billion (~ $153 million) or 31.1 % to ¥32.8 billion (~ $340 million). Net income was ¥17 billion (~ $176 million), a ¥14 billion (~ $145 million) or 45.2 % decrease on a year-on-year basis.
In the flat glass business, shipments of architectural glass in Japan and Asia remained strong; shipments in North America were reportedly on a moderate recovery track. Meanwhile, shipments in Europe continued to be sluggish and, despite price improvement in some regions during the second quarter, price levels fell below the levels of the same period of the previous year. Shipments of glass for solar power systems decreased from the same period of the previous fiscal year as the tough competitive environment continued. Under such circumstances, sales from the flat glass business, which consists of architectural glass and glass for solar power systems, increased from the same period of the previous fiscal year mainly due to the impact of the weak yen, although the business environment continued to be harsh.
In the automotive glass business, the AGC Group’s shipments in Japan decreased from the same period of the previous fiscal year, reflecting a year-to-year decrease in auto production in the country. In Europe, shipments stayed around the same level despite a year-to-year decrease in auto production in the region. Shipments reportedly remained favorable in Asia and North America, leading to an increase in sales on a year-on-year basis partly thanks to the weak yen. As a result, net sales from Glass Operations for the six months ended June 30, 2013, were ¥320.7 billion (~ $3.3 billion), up ¥42.5 billion (~ $441 million) or 15.3% from the same period of the previous fiscal year.
Shipments of glass substrates for display devices and specialty glass for display applications increased from the same period of the previous fiscal year. Net sales from the Electronics Operations for the six months ended June 30, 2013 were ¥174 billion (~ $1.8 billion), up ¥12.9 billion (~ $134 million) or 8% vs. the same period of the previous fiscal year
For additional information, visit www.agc.com.