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Asahi Glass Logs Double-Digit Rise in Operating Profit

Tokyo, Aug 5, 2008 (Jiji Press) - Asahi Glass Co. <5201> Tuesday reported a double-digit rise in its group operating profit for January-June as the company was able to offset soaring materials and fuel prices with its cost reduction efforts.

Operating profit increased 21.4 pct from a year earlier to 109,577 million yen on sales of 774,134 million yen, down 4.0 pct.

The company's glass division saw operating profit halve amid surging costs and sluggish sales in North America. By contrast, the electronics and display division posted a 77.6 pct jump in operating profit.

Group recurring profit ended up with a small gain of 1.0 pct to 95,747 million yen on the back of foreign exchange losses involving yen-denominated debt at a South Korean subsidiary.

Net profit fell 9.2 pct to 48,017 million yen because the company posted structural improvement costs for its North American flat glass operations.

Asahi Glass kept unchanged its earnings estimates for the full year ending in December.

By Jiji Press, (c) Jiji Press

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