Toray Downgrades Earnings Projection

Toray Industries has revised its earnings forecast for the fiscal year ending March 31, 2010. Toray expects to record a net loss of ¥15 billion ($161 million), having previously forecast a net loss of ¥10 billion. The sales forecast remains unchanged at ¥1.35 trillion, and the operating profit forecast remained unchanged at ¥40 billion. Toray increased its estimated corporate income taxes for the fiscal year by ¥5.2 billion, and this is expected to result in a wider net loss for the fiscal year compared with the previous forecast. Toray says...

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