NSG Group Revises Fiscal Year Forecast, Announces Changes at Two Facilities

The NSG Group revised its forecast for the full 2016 fiscal year (April 1, 2015-March 31, 2016), originally published on May 14, 2015 and most recently updated on January 29, 2016.

“Since the end of January and towards the end of the financial year, the Group has formed a clearer view on the outlook for the business environment,” a release from the company reads. “The assumptions for the Group’s architectural businesses in China and other regions, automotive business in Brazil and also display business have become more challenging, leading to a higher probability of impairments of non-current assets within these businesses.”

NSG Group also announced the temporary suspension of production at its thin flat glass line situated in Ba Ria Vung Tau, Vietnam, and it will exit from the rolled glass business for crystalline silicone photovoltaic applications in Taicang, China.

“These represent an exit from loss-making businesses, thus minimizing losses, aiming to swiftly eliminate obstacles to a further recovery in the Group’s performance,” the release reads. “Through these actions, the Group continues to take necessary measures to align its production capacity with current levels of market demand and to improve its profitability further.”

Click here to view the company’s revised numbers.