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Toray Microfiber Textile Biz registers strong growth in Europe
06
Aug '08
Toray Industries Inc announced its consolidated business results for the three months ended June 30, 2008, the first quarter of the year ending March 31, 2009.

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

During the three months under review, the U.S. and European economies continued with the slowdown that started in the second half of the previous fiscal year, reflecting the deepening turmoil in the financial markets and the prolonged adjustment in the housing market caused by the U.S. subprime loan crisis.

The outlook for the global economy was also clouded by inflation concerns against the backdrop of further increases in resource prices paced by that of crude oil.

The Japanese economy also showed signs of weakening, as corporate capital investments and consumer spending stagnated under the impact of sharp increases in prices of resources.

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.

At the same time, to cope with further increases in raw materials and fuel prices worldwide, Toray Group made efforts to transfer cost increases on to selling prices.

As a result, consolidated net sales for the three months ended June 30, 2008 increased 0.4% on a year-on-year basis to ¥387.4 billion (US$3,641 million).

On the other hand, operating income declined 32.3% to ¥13.2 billion (US$124 million), ordinary income fell 33.6% to ¥12.5 billion (US$117 million) and net income came to ¥4.4 billion (US$41 million), down 56.9%, as the impact of negative factors including rising fuel and raw material prices was not fully absorbed.

In Japan, the products for industrial applications performed strongly, while clothing materials remained sluggish overall reflecting weak demand for apparel products.

Overseas, nylon fiber and textile operations for air bag applications in Thailand and suede-like microfiber textile business in Europe continued to register strong growth.

As a result, total sales of Fibers and Textiles fell 5.9% to ¥145.0 billion (US$1,362 million) from the previous year and operating income declined 20.5% to ¥3.1 billion (US$29 million), reflecting factors including sharp rises in fuel and raw material prices and lower sales volume at its domestic trading subsidiaries.

In the plastic resins business, sales of engineering plastic resins such as Amilan nylon resin and Toraycon polybutylene terephthalate (PBT) resin saw strong growth mainly in the automobile sector.

Sales volumes of Torelina polyphenylene sulfide (PPS) resin, the production capacity for which was boosted at the Tokai Plant, and the Toyolac acrylonitrile butadiene styrene (ABS) resin, whose facility was expanded in Malaysia, also increased.

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