TOKYO – AGC reported first quarter electronics sales of ¥69.2 billion (US$644 million), up 16.5% year-over-year.
For the quarter ended Mar. 31, operating profit for the electronics unit was ¥8.9 billion, an increase of 258.3% compared to the same period in 2019.
Due to the global spread of Covid-19, many undetermined factors may affect AGC’s performance, and it is difficult to make a reasonable calculation of financial forecasts. Therefore, the AGC Group has temporarily withdrawn its full-year consolidated financial and dividend forecasts, which were announced Feb. 5 and will disclose them again when reasonable forecasts become available.
For the first half of 2020, AGC expects total net sales of ¥650 billion, down 11.9%, and operating profit of ¥25 billion, down 39.7%
The consolidated financial forecast for the first half of the fiscal year ending June 30 has been calculated based on the information currently available, based on the assumption economic activity will continue to be suppressed in many countries and regions due to the impact of the spread of Covid-19.
AGC sells laminates for printed circuit boards under the Nelco name.
Ed.: ¥1 = US$0.01