Japan's Toray plastics & chems operating profit falls 58%

05 February 2010 07:36  [Source: ICIS news]

SINGAPORE (ICIS news)--Japan’s Toray Industries reported on Friday that the nine-month to December 2009 operating income of its plastics and chemicals segments declined 58% year on year to yen (Y) 4.5bn ($50.5m).

Sales at this segment April to December period last year fell 23.2% year on year to Y242.7bn, despite higher volume of sales in select businesses, it said in a statement.

Toray Industries recorded a net loss of Y19.45bn in the nine months ending December 2009, reversing the Y5.48bn profit it made in the same period in 2008, the company said.

Consolidated net sales fell 16.2% during the period to Y979bn, reflecting the lingering impact of the global slowdown in demand since the fall of 2008, it said.

The company said that its cost reduction efforts, as well as improving sales volumes, should help trim its net loss for the full year to March 2010 to Y10bn.

Full-year sales were projected to hit Y1,350bn, the company added.

($1 = Y89.17)

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By: Nurluqman Suratman

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