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Toray Fibers and Textiles biz perk up in Q1

Aug '07
Toray Industries Inc announced its consolidated business results for the three months ended June 30, 2007, the first quarter of the year ending March 31, 2008. The following summary of the business results that Toray submitted to the Tokyo Stock Exchange is unaudited and for reference only.

During the three months under review, the global economy continued to perform strongly despite the slowdown in the U.S. economy, as Europe maintained the recovery trends and the Asian economies led by China continued to post high growth.

The Japanese economy also maintained a gradual growth in both the corporate and household sectors. For the future, while there are forecasts of continued expansion for both the global and domestic economies, there are several causes for concern such as persistently high oil prices, the slowdown in the U.S. economy, inventory adjustments in IT-related goods, and volatile exchange rate fluctuations, and the outlook is therefore unclear.

Under such circumstances, Toray Group is addressing the issues set in its mid-term business strategies “Project Innovation TORAY 2010 (IT-2010)” launched in October 2006, with a goal of transforming itself into a dynamically evolving and highly profitable business group, striving
for innovation in every aspect of its operations.

Net sales for the first quarter increased 7.7% from the same period a year ago to 385.8 billion yen (US$3,129 million), due primarily to growing sales by Fibersand Textiles segment and Plastics and Chemicals segment.

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