Toray Industries Inc.'s net income declined 3.5% in its fiscal year ended March 31 from a year ago as higher raw material and fuel prices negatively affected the Japanese company's results.

Net income attributable to owners of the company was ¥95.92 billion, or ¥59.90 per share, down from ¥99.42 billion, or ¥62.10 per share, in the prior fiscal year.

Toray posted operating income of ¥156.46 billion, up 6.5% from ¥146.89 billion in the previous year. Net sales rose 8.8% year over year to ¥2.205 trillion from ¥2.026 trillion in the prior year on strength across segments.

The company's fibers and textiles, performance chemicals, and environment and engineering businesses reported higher operating income. Operating income in the carbon fiber composite materials and life science businesses decreased from the previous year.

For its fiscal year ending March 31, 2019, Toray expects net income attributable to owners to increase to ¥98.00 billion and operating income to rise to ¥165.00 billion. Net sales for the year are projected to be ¥2.400 trillion.