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Fibers & Textiles segment sales grow at Toray

Feb '06
Toray Industries Inc announced its consolidated business results for the nine months ended December 31, 2005 of the fiscal year ending March 31, 2006.

During the nine months under review (April 1, 2005 – December 31, 2005), despite an impact of rising crude oil prices, the global economy remained robust with the US economy showing its underlying strength and China continuing to maintain its expansion in Asia.

Japan also enjoyed steady economic recovery buoyed by solid consumer spending thanks to improvements in consumer confidence and strong capital investments by businesses.

As a result, net sales for the nine months ended December 31, 2005 rose 12.6 percent to 1,026.5 billion yen (US$8,692 million) from the same period of the previous fiscal year, buoyed by growing sales in business segments such as Fibers and Textiles and Plastics and Chemicals.

Under such circumstances, the Toray Group worked on the expansion of revenues and profits through structural reinforcement and business structure reform under its med-term management reform program “Project NT-II,” which commenced in April 2004.

Operating income grew 15.2 percent to 57.8 billion yen (US$490 million) mainly due to the strong performance of the Carbon Fiber Composite Materials segment and Plastics and Chemicals segment. Ordinary income rose 11.8 percent to 54.2 billion yen (US$459 million) and net income increased 4.6 percent to 28.0 billion yen (US$237 million).

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