NSG Reports Losses in 2013
Nippon Sheet Glass Co. reported a 5.6 percent decline in revenues in fiscal year 2013, compared to fiscal year 2012, according to the company's FY 2013 Annual Consolidated Financial Results, released May 16. The company reported operating losses of about $170 million for the year. Sales for fiscal 2013 were down 9.2 percent from the previous year.
"During the fourth quarter of the year, the Group continued to experience challenging conditions in its main markets," according to officials in the financial report. "Volumes were generally similar to previous quarters, but continued to be below the levels of the previous year. European architectural volumes were weak, although there were signs of improvement elsewhere. Dispatches of solar energy glass were stable during the quarter, but remain at a relatively low level. Automotive markets were below the previous year, although North American volumes further improved during the quarter. Technical glass markets were relatively robust, at levels similar to the previous year."
Looking at the North American architectural market, NSG officials said the segment steadily improved throughout the year, but remained "significantly below the level of 2008," according to the report.
Looking forward, the company expects revenues to increase 15.1 percent in fiscal year 2014.
The NSG Co. annual general shareholders' meeting is scheduled for July 27.