Glaston Corp. saw a slight loss in net sales during the 2014 January-March quarter, totaling approximately $32 million (USD), a $1 million drop from the last period.
“Seasonal fluctuations are typical in Glaston’s industry and the first quarter is traditionally quiet,” says Arto Metsänen, Glaston’s president and CEO. “Both the crisis in Ukraine and particularly its impact on neighboring areas as well as a quiet market in Brazil affected order intake in the early part of the year.”
The company does, however, expect net sales and operating profit to grow this year. It also claims its relative profitability has increased due to a lighter cost structure in comparison with the corresponding period of the previous year.
“Our order book has developed positively and stood at [$57.2 million USD] on 31 March 2014. Deliveries resulting from last year’s good order intake will be made after the first quarter,” says Metsänen. “This will create a foundation for a positive performance in 2014. We continue to expect that the market will grow moderately this year.
“The Asian market is expected to grow in the long term. As a technology leader, Glaston wants to be well positioned when demand for low-emissivity glass and high-quality glass starts to grow. To respond to market needs, we will expand our factory located in Tianjin. The expansion is expected to be completed in autumn 2015.”