PPG Industries has reported second quarter net income of US$199m on sales of US$2.0bn, compared with second quarter net income for 1997 of US$218m. The period was negatively affected by a reserve increase for disposition of equity interests in Chinese glass operations, as well as the direct and indirect consequences of General Motors' North American production shutdowns which began in June. Six month net income totalled US$391m on sales of US$3.9bn. In the group's glass segment, which includes glassfibre, operating earnings improved while sales were constant compared with the same period in 1997. The benefits of continued global manufacturing efficiencies and slightly lower overhead costs more than compensated for the negative effects of the GM plant shutdowns. (whole item)
