Q3 2020 AGC Inc Earnings Call Transcript
This is Shinji Miyaji, the CFO. Please turn to Page 4. The key points of today's announcement on the third quarter results and full year forecast. Net sales for the first 9 months were JPY 1,012.8 billion, down JPY 111 billion year-on-year. Operating profit was JPY 40.6 billion, down JPY 33 billion year-on-year. Impact of COVID-19 pushed down net sales by JPY 144 billion and operating profit by JPY 53.5 billion. The strategic businesses unaffected by COVID-19 showed improved performance steadily. Glass and Chemicals posted lower sales and profit as they felt strong impact of COVID-19. As for full year forecast, net sales are expected to total JPY 1,390 billion, down JPY 128 billion year-on-year. And operating profit is projected at JPY 55 billion, down JPY 46.6 billion. Impact of COVID-19 on sales is projected to be JPY 189 billion, and on operating profit JPY 69 billion. We expect that had not been for COVID-19, we would have achieved the full year forecast announced in February, namely net sales of JPY 1
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