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Toray posts consolidated results for 9-months
15
Feb '08
Toray Industries Inc announced its consolidated business results for the nine months ended December 31, 2007 of the fiscal year ending March 31, 2008. The following summary of the business results that Toray submitted to the Tokyo Stock Exchange is unaudited and for reference only.

During the nine months under review (April 1, 2007 – December 31, 2007), despite negative factors such as the record rise in crude oil prices and the uncertainties in the international financial markets stemming from the subprime crisis in the U.S., the global economy on the whole remained strong, as the European economy enjoyed sustained expansion and Asian economies led by China also continued to grow.

The Japanese economy also maintained a gradual growth, supported by the increases of exports and capital investment, although uncertainties remain towards the future.

Under such circumstances, Toray Group advanced its efforts to implement measures under the new mid-term business strategies “Project Innovation TORAY 2010 (IT- 2010)” launched in last October and promoted the expansion of our business and profitability through business structure reform and structural reinforcement.

Consolidated net sales for the nine months ended December 31, 2007 rose 6.9% to 1,207.5 billion yen (US$10,573 million) from the same period of the previous fiscal year, buoyed by growing sales in business segments such as Fibers and Textiles and Plastics and Chemicals.

Operating income declined 1.2% to 63.3 billion yen (US$555 million) reflecting rising raw materials and fuel prices and intensified competition in the IT-related Products business, despite strong performances of the Environment and Engineering and Plastics and Chemicals businesses. Ordinary income fell 3.9% to 59.2 billion yen (US$518 million) and net income declined 21.2% to 32.0 billion yen (US$280 million).

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