Toray income falls on trade tension, sluggish Chinese economy

摘要

Toray Industries reports a 7% drop year on year (YOY) in net sales for the fscal nine months ended 31 December to ￥1.68 trillion ($15.3 billion), with net income falling 18.6% YOY to ￥81.3 billion. Operating income was ￥104.4 billion, a decline of 7% YOY. Sales in Toray’s fbers and textiles segment were ￥682.2 billion, a decline of 10.4% YOY. Operating income fell 20.5% YOY to ￥47.9 billion. Demand in Japan for certain industrial applications and apparel remained weak, it says. In overseas markets, various applications were pressured by weak market conditions, refecting the prolonged trade friction between the US and China and the slowdown in the Chinese economy. Demand for apparel applications including garments and textiles, and automotive applications in Europe and China, as well as hygiene products in China, remained sluggish, the company adds.