May 18, 2020 / NTS GMT
Shinji Miyaji - AGC Inc. - Senior EVP, CFO, CCO, GM of Corporate Planning General Division & Director
Good evening. This is Shinji Miyaji, CFO. Please turn to Slide 3. First, key points of today's briefing. Net sales in the first quarter of 2020 decreased by JPY 4.1 billion year-on-year to JPY 357.5 billion. Operating profit increased JPY 1.5 billion year-on-year to JPY 22.3 billion. Deterioration of business performance in the automotive and architectural glass businesses due to the impact of COVID-19 were outweighed by the strong performance of electronic materials, LCD glass substrates and life science business, resulting in an increase in operating profit year-on-year. Impact from spread of COVID-19 on the first quarter financial results is estimated to be, net sales down JPY 10 billion and operating profit down JPY 3 billion to JPY 4 billion.
Considering this effect, we can summarize the results as growth businesses having canceled out the deterioration of market conditions for the glass business, which indicates a steady progress of the business portfolio transformation that we have been
Q1 2020 AGC Inc Earnings Call Transcript
May 18, 2020
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