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Toray's overall sales of Fibers and Textiles up
03
Feb '11
Toray Industries Inc announced its consolidated business results for the nine months ended December 31, 2010 of the fiscal year ending March 31, 2011. The following summary of the business results that Toray submitted to the Tokyo Stock Exchange is unaudited and for reference only.

Overview of the Nine Months Ended December 31, 2010

During the nine months under review, despite concerns over the severe employment situation and the fiscal health of European countries, the global economy on the whole continued to expand sustained by the high-rate growth in China and other Asian emerging economies and the impact of the economic stimulus measures implemented by various governments.

The Japanese economy also, in spite of the tough environment including the continued high unemployment rate, improved across the board, as domestic demand recovered gradually against the backdrop of expanding exports primarily to Asian countries. Nevertheless, the economic growth has been held back since last fall by the impact of the scaling back of the measures to stimulate consumer spending.

Under such circumstances, Toray Group has been working on measures to improve profitability by comprehensively ensuring sales through every possible effort and strengthening cost competitiveness, and actively pursued business expansion under its medium-term management program Project IT-II (Innovation Toray II) launched in April 2009.

Reflecting these efforts, Toray Group's earnings improved for the nine-month period, with consolidated net sales rising 15.0% compared with the same period a year ago to ¥1,126.8 billion (US$13,826 million). Operating income surged 246.6% to ¥70.0 billion (US$858 million). The Group posted ordinary income of ¥68.7 billion (US$843 million), an improvement of ¥75.9 billion from the same period a year earlier, and net income of ¥43.8 billion (US$537 million), a turnaround of ¥63.2 billion year-on-year.

Business performance by segment is described below. The figures for the same period of the previous year used for comparison have been modified according to the reportable segment.

Business Performance by Segment:

Fibers and Textiles
In Japan, demand for industrial-use materials led by airbags and other automotive applications as well as general applications grew strongly while sales volume expanded in apparel applications including garments primarily to major SPAs. Overseas, the polypropylene spunbond business for diapers in Republic of Korea and China expanded, yarn and textile operations for air bag applications in Thailand and Czech Republic, the textile business in China and the polyester fiber business in China, Republic of Korea and ASEAN countries also performed strongly.

Overall sales of Fibers and Textiles rose 11.4% to ¥441.3 billion (US$5,415 million) from the same period a year earlier and operating income increased 150.5% to ¥25.5 billion (US$313 million).

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