Toray Expects Lower Profit amid Virus Crisis

Economy

Tokyo, May 28 (Jiji Press)--Toray Industries Inc. <3402> said Thursday it estimates a lower net profit for the year ending in March 2021 as demand for its products is being squeezed by the coronavirus outbreak.

The Japanese fiber and textile maker projects its consolidated net profit to fall 51.8 pct from the previous year to 40 billion yen.

The company estimates an operating loss of 12 billion yen in carbon fiber composite material business due mainly to a decision by Boeing Co., one of its main clients, to reduce aircraft production.

"Our urgent task is to expand the use of its products," Toray Executive Vice President Koichi Abe said in a conference call.

In the year ended in March, Toray's net profit fell 29.8 pct from a year before to 55,725 million yen as its textile business was hurt by U.S.-China trade tensions and a relatively warm winter.

[Copyright The Jiji Press, Ltd.]

Jiji Press