The NSG Group, parent company to Pilkington, reports that automotive glass replacement revenues increased thanks to “higher demand following the harsh winter weather conditions experienced toward the end of the previous year.”
Automotive revenue, which includes revenue from AGR, was $804,885.61million USD (¥77,656 million yen) for the first quarter of the fiscal year, compared to $654,656.28 million USD (¥63,154 million yen) in the same period last year.
Operating profit for automotive was $29,750.51USD (¥2,870 million yen), compared to $27,108.00 (¥2,615 million yen) in the previous year.
“In the automotive business, revenues improved from the previous year due to the translational impact of the weaker Japanese yen,” officials said in the company release. “Markets remain challenging, particularly in Europe.”
For the North American market, company officials reported AGR revenues and profits were “similar to the previous year.”
The North American market represents 24 percent of the group’s automotive sales.
On the European side, AGR business improved due to decreased demand, according to the company. Europe represents 46 percent of the group’s automotive sales.
In Japan, results in the AGR business came in below the previous year “with changes in the insurance market contributing to reduced demand.”