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In the period under review, while the European economy continued its downward trend and growth slowed in emerging economies led by China, the U.S. economy showed signs of gradual recovery as consumer spending rose amid improvement in employment. The Japanese economy saw slow recovery due to continued weakness in capital expenditure and increased import prices, even as exports recovered and individual and corporate mindset improved on expectations placed on the economic measures of the government of Prime Minister Shinzo Abe.
Under such circumstances, Toray Group has been implementing the growth strategy with focus on pursuing business expansion in growth business fields and growth regions and further bolstering its total cost competitiveness in accordance with the medium-term management program “Project AP-G 2013.”
As a result, consolidated net sales for the three months ended June 30, 2013 increased 10.6% compared with the same period of the previous fiscal year to ¥402.7 billion (US$4,085 million). Operating income rose 4.5% to ¥18.0 billion (US$183 million) and ordinary income increased 4.7% to ¥20.0 billion (US$203 million). Net income increased 31.5% to ¥13.3 billion (US$134 million).
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