Japan’s Toray Industries records $165m full-year net loss

11 May 2009 08:50  [Source: ICIS news]

TOKYO (ICIS news)--Japan’s Toray Industries has incurred a net loss of yen (Y) 16.3bn ($165m) for the full year ended 31 March due to a write-down of investment securities and losses from impairment of property, plants and equipment, the producer said on Monday.

The company had previously recorded a full-year net profit of Y48.1bn in the year ended March 2008.

Consolidated net sales for the year ended March 2009 were Y1,471.6bn, down 11% compared with the year before. The drop was attributed to a sharp decline in demand in the second half of the fiscal year, Toray said.

Net sales in the fibres and textiles segment had decreased 11% year on year to Y569bn, the producer said.

In the domestic market, shipments of most products for apparel applications were sluggish, while demand for products for industrial applications, which remained relatively strong in the first half of the fiscal year, declined in the second half. Sales volume also decreased, particularly in the automotive sector, Toray said.

($1 = Y98.52)

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By: Tomomi Yokomura
+65 6780 4359



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