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Toray net sales increase by 6.7%
May '08
Toray Industries Inc announced its consolidated and non-consolidated business results for the fiscal year ended March 31, 2008 (FY Mar/08).

The following summary of the business results that Toray submitted to the Tokyo Stock Exchange is unaudited and for reference only.

Consolidated Business Results and Financial Condition:
1. Overview of FY Mar/08 (April 2007 – March 2008)
During the period under review, the world economy on the whole, despite a strong showing in the first six months, slid into uncertainty in the second half, as the turmoil in the financial markets stemming from the subprime loan crisis spread, slowing down the U.S. economy with each passing month.

After enjoying a gradual but continued growth on the back of corporate capital investments and exports in the first half, the Japanese economy was also clouded with increased concerns of a slowdown in the latter half of the fiscal year against the backdrop of falling stock markets, rapid fluctuations in the foreign exchange market and the further rise in crude oil prices.

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 October 2006 and promoted business and profit expansion through business structure reform and structural reinforcement.

As a result, consolidated net sales for the fiscal year ended March 31, 2008 increased 6.7% on a year-on-year basis to ¥1,649.7 billion (US$16,464 million) and operating income came to ¥103.4 billion (US$1,032 million), up 1.0% from the previous fiscal year, marking five consecutive years of record net sales and four consecutive years of record operating income.

Ordinary income was ¥91.5 billion (US$913 million), down 6.2% year-on-year reflecting a decline in non-operating income and increased nonoperating expenses.

Net income also fell year-on-year to ¥48.1 billion (US$480 million), down 17.9%, due to increases in income taxes, which had fallen in the previous fiscal year because of tax effects.

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Toray Industries Inc

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