Japanese chemical group Toray's Apr-June profit skyrockets 285%

Toray Group, a Japanese integrated chemical industry group, posted revenue jump of 29.2 per cent to ¥513.7 billion in first quarter (Q1) of FY21 ended on June 30, 2021, against ¥397.6 billion in corresponding quarter of prior fiscal. The groups’ profit during the three-month period surged 284.7 per cent to ¥32.6 billion (Q1 FY20: ¥8.5 billion).

 

Toray Group, a Japanese integrated chemical industry group, posted revenue jump of 29.2 per cent to ¥513.7 billion in first quarter (Q1) of FY21 ended on June 30, 2021, against ¥397.6 billion in corresponding quarter of prior fiscal. The groups' profit during the three-month period surged 284.7 per cent to ¥32.6 billion (Q1 FY20: ¥8.5 billion).#

Operating income increased 279.6 per cent to ¥35.9 billion (¥9.4 billion), and profit attributable to owners of parent widened 214.4 per cent to ¥29.7 billion.

 

Toray Group, a Japanese integrated chemical industry group, posted revenue jump of 29.2 per cent to ¥513.7 billion in first quarter (Q1) of FY21 ended on June 30, 2021, against ¥397.6 billion in corresponding quarter of prior fiscal. The groups' profit during the three-month period surged 284.7 per cent to ¥32.6 billion (Q1 FY20: ¥8.5 billion).#

Revenue from overall fibres and textiles segment in Q1 FY21 rose 27.0 per cent to ¥184.2 billion (¥144.9 billion). The company witnessed growth in demand both in Japan and abroad. In the apparel applications, some applications continued to be affected by Covid-19, while sports and outdoor applications performed strongly. Moreover, in the industrial applications, the automotive applications recovered with increased sales volume.

 

Toray Group, a Japanese integrated chemical industry group, posted revenue jump of 29.2 per cent to ¥513.7 billion in first quarter (Q1) of FY21 ended on June 30, 2021, against ¥397.6 billion in corresponding quarter of prior fiscal. The groups' profit during the three-month period surged 284.7 per cent to ¥32.6 billion (Q1 FY20: ¥8.5 billion).#

Besides strong demand in resins and resumed operations of automobile manufacturers leading to 43 per cent revenue gain in performance chemicals to ¥222.6 billion (¥155.6 billion), the revenue of carbon fibre composite materials expanded 6.9 per cent to ¥48.5 billion (¥45.4 billion).

 

Toray Group, a Japanese integrated chemical industry group, posted revenue jump of 29.2 per cent to ¥513.7 billion in first quarter (Q1) of FY21 ended on June 30, 2021, against ¥397.6 billion in corresponding quarter of prior fiscal. The groups' profit during the three-month period surged 284.7 per cent to ¥32.6 billion (Q1 FY20: ¥8.5 billion).#

“The global economy, including Japan, is likely to continue its recovery with additional fiscal spending and continued monetary easing by the US and with the rollout of coronavirus vaccines. However, there remains strong uncertainties such as the lingering low vaccination rates in developing countries and the restrictions on economic activities in response to resurgence in infections with variants, and therefore the economy is expected to go through the normalisation process at a slow pace,” the fibre products manufacturer said.

 

Toray Group, a Japanese integrated chemical industry group, posted revenue jump of 29.2 per cent to ¥513.7 billion in first quarter (Q1) of FY21 ended on June 30, 2021, against ¥397.6 billion in corresponding quarter of prior fiscal. The groups' profit during the three-month period surged 284.7 per cent to ¥32.6 billion (Q1 FY20: ¥8.5 billion).#

In its outlook for FY21, Toray expects revenue of ¥2,250.0 billion, with core operating income of around ¥130.0 billion.