Flat Glass Industries downgrades earnings forecast

Due to a disappointing December half and following a review of unaudited management accounts for the three months to March 31 and forecast results for the June quarter, Flat Glass Industries Ltd. (ASX:FGI) [Australia] has downgraded its expectations of earnings before interest, tax, depreciation and amortization for the year ending June 30.

Given a slowdown in sales and normal seasonality affecting the June half, directors forecast EBITDA for the full year to be in the range of $2.3m to $2.6m, compared with $7.45m in 2008, according to a May 25 iStockAnalyst report.

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