The AGC Group has posted net sales of ¥305.1 billion (~ $3.9 billion) for the second quarter of fiscal 2011, a ¥21.6 billion (~ $281 million) or 6.6% decrease from the corresponding period of the previous year. Operating income decreased by ¥15.8 billion (~ $205 million) or 26% year-on-year to ¥45.1 billion (~ $587 million), and ordinary income decreased by ¥11.4 billion (~ $148 million) or 20.3% to ¥45 billion (~ $586 million). Net income was ¥18.5 billion, a ¥16.1 billion (~ $208 million) or 46.5% decrease on a year-on-year basis.
In the architectural glass business, shipments increased from the previous quarter as demand for architectural glass continued to stay on a gradual recovery trend in Europe and Asia, and also as the European building market entered a high-demand season. On the other hand, in Japan, the shipment growth was dampened as the earthquake affected production activities until the middle of the second quarter, although the company reports demand for Eco Glass was rising steadily. In North America, demand for architectural glass remained sluggish.
In the automotive glass business, demand was on a recovery track, but automobile production saw a drastic reduction mainly in Japan due to the earthquake disaster, and that resulted in a decline in the shipments from the previous quarter.
Shipments of glass for solar power systems increased from the previous quarter thanks to the strong performance in all regions. As a result, net sales and operating income from the Glass Operations for the second quarter under review were ¥135.6 billion (~ $1.766 billion) and ¥300 million (~ $3.9 million), respectively.
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