Sluggish Chinese economy, trade friction weaken Toray’s income

摘要

Toray Industries reports a slight rise in net income of 0.8% for its frst fscal quarter ended 30 June, to ￥22.6 billion ($213 million). Operating income grew 1.9% year on year (YOY) to ￥34.5 billion and revenue was ￥544.1 billion, a decline of 1.2% YOY. Sales in Toray’s fbers and textiles segment were ￥208.8 billion, a drop of 5.5% YOY. Operating income stood at ￥14.8 billion, down 19.9% YOY. Domestic demand for certain automotive applications was strong, but shipments for apparel and industrial applications remained weak, it says. Overseas, various applications were hampered by weak market conditions, refecting prolonged trade friction between the US and China and the slowdown in the Chinese economy, it adds. Demand for apparel applications including garments and textiles, as well as for automotive applications in Europe and China and hygiene products in China, remained sluggish.