NSG Financial Results Report Drop in Auto Glass Market
May 10, 2012
by Katie O'Mara, email@example.com
The 2012 Annual Consolidated Financial Results from Nippon Sheet Glass (NSG) are reporting a decrease in profit and demand in the auto glass market. NSG says that high oil prices and the economic environment were main factors leading to a reduction in the number of miles driven. The company goes on to say that mild weather conditions also led to a reduction in glass breakage throughout the previous year.
“The Group has a relatively high exposure to Japanese vehicle manufacturers, which were adversely affected by a slow recovery from the March 2011 Japan earthquake and the Thailand floods,” reads the report. “As in Europe, volumes in the AGR market fell, as higher oil prices caused a reduction in the number of miles driven, and mild winter weather conditions contributed to a reduction in glass breakages.”
The earthquake in Japan did impact production, but NSG notes that sales have improved through the fourth quarter. Within the report it is noted that the impact of the earthquake “was less than previously expected” and that NSG customers were able to recover production faster than was predicted.
The European region experienced a decline in profits and demand, but results still were relatively robust in that area. The North American region experienced a similar year to the previous one. NSG also saw a drop in profits in this region and demand was relatively weak.
This story is an original story by AGRR™ magazine/glassBYTEs.com™. Subscribe to AGRR™ Magazine.
Subscribe to receive the free e-newsletter.