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Muted textile revenue weighs on Nitto Boseki's H1 earnings
Jan '14
Japanese textile manufacturer Nitto Boseki Co. Ltd reported muted growth in its sales revenue in the first half of FY 2013-14 as demand remained subdued amidst a tough economic scenario.
The company which is engaged in the textile business, fiberglass business and other businesses, witnessed a 3.5 per cent rise in consolidated net sales at 41,509 million yen in the six months ended September 30, 2013 from 40,113 million yen in the same period a year ago as weak domestic demand for clothing weighed on the company’s textile business.
Sales from the textiles business rose by 7 per cent to 3,013 million yen in H1 FY 2013-14 from 2,811 million yen in the same period a year ago.
Consumer spending in Japan is recovering at a weak pace as households remain wary of spending on discretionary items amidst rising electricity prices; higher sales tax rate from next fiscal and lagging wage growth, clouding the outlook for the Japanese apparel sector and thus weighing on the textile industry.
The company’s textile business witnessed a profit of 45 million yen in H1 FY 2013-14 as it endeavored to reduce costs and develop new products amidst sagging demand.
Sales from the glass fiber yarn business and glass fiber cloth division stood at 10,173 million yen and 9,165 million yen respectively in the half year ended September 30, 2013.
Rising input prices amid a weaker yen took toll on profitability as Nitto Boseki Co. Ltd’s net profit fell by 15 per cent to 1,475 million yen in the six months ended September 30, 2013, year on year.

Fibre2fashion News Desk - India

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