Home / Knowledge / News / Textiles / Total sales of Toray's Fibers and Textiles drop by 6.8%
Total sales of Toray's Fibers and Textiles drop by 6.8%
Feb '09
Toray Industries Inc announced its consolidated business results for the nine months ended December 31, 2008 of the fiscal 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.

Consolidated Business Results and Financial Condition
1. Overview of the Nine Months Ended December 31, 2008
During the nine months under review, the deepening financial crisis that began in the U.S. coupled with the credit crunch amid drastic fluctuations in raw materials and foreign exchange markets triggered a worldwide recession. The U.S. and European economies continued to weaken with each passing month while the trends in the emerging economies led by China pointed to a major slowdown. The Japanese economy also rapidly deteriorated beginning in the third quarter as corporate earnings fell on sluggish exports across the board, causing many to cut back capital investments and make production adjustments. Consumer spending also weakened at a rapid pace amid worsening employment and income situations.

Under such circumstances, Toray Group advanced its efforts to implement measures under the 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 the increases in raw materials and fuel prices through the second quarter, the Group took action to transfer cost increases on to selling prices and shift to high value added products. It also strived to reduce capital investments, cut down expenses and streamline the operations in response to the changing economic trends.

As a result, consolidated net sales for the nine months ended December 31, 2008 declined 3.2% on a year-on-year basis to ¥1,169.0 billion (US$12,846 million). Operating income fell 31.9% to ¥43.1 billion (US$474 million) reflecting the overwhelming impact of negative factors including rising fuel and raw material prices in the first half and falling demand going into the second half. Ordinary income declined 43.1% to ¥33.6 billion (US$370 million) on decrease in equity in earnings of unconsolidated subsidiaries and affiliated companies and mounting exchange losses.

Net income came to ¥5.5 billion (US$60 million), down 82.9% due to lower levels of extraordinary gains and loss on write-down of investment securities.

Business Performance by Segment:
Fibers and Textiles - In Japan, except for some sewn products, the movement of materials for apparel applications remained sluggish on the whole, reflecting weak demand for clothing. After remaining strong through the first two quarters, sales of products for industrial applications, especially in the automotive sector, declined from the third quarter hurt by the global economic slowdown. Overseas, though suede-like microfiber textile business in Europe and nylon fiber and textile operations for air bag applications in Thailand registered strong growth through summer, the business in various regions

Must ReadView All

Textiles minister Smriti Irani at a press conference with minister of state for textiles, Ajay Tamta, the principal director general (M&C), PIB, AP Frank Noronha and other dignitaries. Courtesy: PIB

Apparel/Garments | On 23rd May 2017

Special package for knitwear coming soon: Irani

Union textiles minister Smriti Irani said that the government of...

Apparel/Garments | On 23rd May 2017

Apparel, footwear use may rise by 63% in 2030: Report

The apparel and footwear consumption is projected to rise by 63 per...

Apparel/Garments | On 23rd May 2017

Gap Inc earns $3.4 bn in net sales in Q1 FY17

Gap Inc's net sales for the first quarter of fiscal year 2017 were...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Rupa Sood and Sharan Apparao

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


news category

Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Browse Our Archives


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search