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Fibers & Textiles segment recovers in Q1 under review – Kuraray
04
Aug '10
Kuraray Co., Ltd announced consolidated rarnings report for the first quarter of the fiscal year ending March 31, 2011. The operating environment in the first quarter (April 1, 2010 to June 30, 2010) saw a gradual recovery in demand for Group products in emerging economies, chiefly China. On the other hand, the situation remained unpredictable with a stagnant economy in Europe caused by anxiety over the future financial condition, a declining euro and appreciation of the yen, and concern about rising raw material and crude oil prices.

Amid such circumstances, the Kuraray Group made across-the-board efforts, including cutting back fixed costs, to improve its earnings structure. The Company also took proactive measures for further business growth, one of the objectives stated in its “GS-Twins” the medium-term action plan.

During the quarter under review, sales of LCD and LED-related products grew more than expected, and demand in Kuraray's core businesses, including EVAL [ak1]and Isoprene Chemicals[ak2], increased. In line with sales growth, the plant utilization ratio of each business was improved.

As a result, net sales for the first quarter rose 20.3% compared with the corresponding period of the previous fiscal year to ¥87,715 million, operating income jumped 624.5% to ¥12,534 million, ordinary income surged 692.2 % to ¥11,983 million and net income skyrocketed 4,001.8% to ¥5,699 million. Results by segment compared with the corresponding period of the previous fiscal year are as follows. The first quarter period of Kuraray's overseas subsidiaries is from January 1, 2010 to March 31, 2010.

As this is the first year since the Company introduced the “Revised Accounting Standard for Disclosures about Segments of an Enterprise and Related Information” and “Guidance on Accounting Standard for Disclosure about Segmentof an Enterprise and Related Information,” the Company has not had a quarterly review by an independent auditor for year-on-year data stated in the abovementioned.

Results by Business Segment

Chemicals
The overall performance in the Chemicals segment recovered in China and other Asian countries. As a result, sales in this segment climbed 26.8% year on year to ¥18,667 million. The Chemicals segment recorded operating income of ¥856 million, a turnaround from an operating loss in the corresponding period of the previous fiscal year of ¥2,459 million.

Fibers and Textiles
In the Fibers and Textiles segment, almost all businesses, including KURALON,recovered in the period under review. As a result, sales in this segment grew 14.3% year on year to ¥14,655 million. The Fibers and Textiles segment recorded operating income of ¥459 million, a turnaround from an operating loss in the corresponding period of the previous fiscal year of ¥690 million.

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