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Toray reports fall in profits

7:29 AM MDT | May 10, 2013 | Deepti Ramesh

Toray Industries reports a 24.5% fall in net profits for the fiscal year ended 31 March compared with the previous fiscal year, to ¥48.47 billion ($480 million). Full-year sales increased 0.2%, to ¥1.59 trillion. Operating profits declined 22.5%, to ¥83.4 billion. The global economy remained under harsh conditions, as the European economy’s protracted struggle with its sovereign debt problems continued while the Chinese economy and the US economic recovery slowed down, Toray says. The Japanese economy recovered at a gradual pace mainly on the...

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