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Toray Profit up 75 Percent

23 February 2003

Toray Industries Inc expects its operating profit to rise 75 percent to around 33 bln yen in the year to March, some 3 bln yen above its initial estimate, but textile business will rise only 10 pct because of higher material costs and the low price of carbon fibers.

The company has substantially cut labor and other costs. Furthermore, it has benefited from recovering demand for information/communications equipment materials, it said. Net profit is likely to rise 58 pct to 6 bln yen. Sales are expected to rise 2 pct to 1.04 trln yen, while pretax profit is forecast to rise 160 pct to 23 bln yen.

In information/communications equipment materials, the company has enjoyed brisk demand for color LCD filters and printed circuit board materials, as well as film for magnetic materials exported to South Korea. The company expects these materials to generate over 9 bln yen in operating profit, seven times last year's figure, the newspaper reported. Toray has also enjoyed strong demand for plastic/chemical products, such as synthetic resins and packaging materials for automobiles and electrical equipment. The firm expects nearly 7 bln yen in operating profit from the sector, more than quadrupling from the previous year.

The company, however, expects operating profit from its textile business to rise only 10 pct because of higher material costs and the low price of carbon fibers.






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