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Teijin Swings to Profit

3:28 AM MDT | May 9, 2011 | Deepti Ramesh

Teijin posted net income of ¥25.2 billion ($312 million) for the fiscal year ended March 31, 2011 compared with a net loss of ¥35.7 billion in the previous fiscal year. Sales increased 6.5%, to ¥815.7 billion. The return to profitability at the net-income level was largely due to a sharp decrease in extraordinary losses such as restructuring costs, the company says. Sales increased despite the negative impact of factors such as the company’s withdrawal from loss-making businesses, which pushed down polyester fibers sales, and reflected rising...

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