Nov 3, 2014
Toray increases semi-annual net profit forecast
Nov 3, 2014
The Japanese carbon fabrics and fibers company Toray Industries has raised its half-year net profit estimate reflecting positive accounting changes.
For its financial period from April to September, Toray now estimates net profits of 41.2 billion yen (303 million euros), as compared with 25 billion previously expected.
It explains the revision by pointing to lowered tax expenses because of the sale of shares in an affiliated company for which Toray had previously recorded valuation loss.
Meanwhile, its operating profit should end up somewhere around 51.3 billion yen (instead of 50) due to better than expected performance of its carbon fiber business.
However, Toray has warned that its half-year revenue is now estimated at 947.9 billion yen instead of 1 trillion.
One year ago, at the end of its first semester for 2013-2014, Toray reported a turnover of 854 billion yen and a net profit of 29.4 billion yen as well as an operating profit of 44.3 billion.
Toray, a major supplier in the textile, automotive and aeronautics industries, will announce on November 6 its final results for the first part of its 2014-2015 fiscal year ending in March.
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