Japan's AGC Jan.-March net profit more than triples to 22.84 bil. yen

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Japanese glassmaker AGC Inc. said Tuesday its net profit for the January-March period more than tripled from a year earlier to 22.84 billion yen ( $145 million ), boosted by the yen's depreciation, and said instability in the Middle East would have a limited impact on its business. AGC maintained its outlook for the business year ending December, with net profit forecast to climb 11.3 percent to 77 billion yen , as the company implements measures to ensure a stable supply of raw materials amid the Israeli- U.S. war on Iran and effective closure of the Strait of Hormuz . "The impact of the war will be small even if the situation is prolonged, although it is not zero if the crisis worsens," said Chief Financial Officer Yoshio Takegawa during an online press conference. "We have factored in the potential effects on the supply of raw materials and a possible shortage," he said. For the quarter, the firm said its operating profit rose 48.9 percent to 38.47 billion yen , while sales were up 7.7 percent at 537.97 billion yen . AGC maintained its operating profit outlook for the year, forecasting 150 billion yen , up 17.7 percent, and 2.20 trillion yen in sales, up 6.9 percent from the previous year. "We are working to reduce our reliance on the Middle East by sourcing (materials) from other regions such as Thailand and the United States ," Takegawa said. ==Kyodo © Kyodo News International, Inc., source Newswire

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