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Toray Industries fiscal Q1 profit climbs 10.8% YOY

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Toray Industries fiscal Q1 profit climbs 10.8% YOY

Toray Industries Inc. said its normalized net income for the fiscal first quarter ended June 30 amounted to ¥8.09 per share, an increase of 15.1% from ¥7.03 per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥13.06 billion, a gain of 10.8% from ¥11.78 billion in the year-earlier period.

The normalized profit margin dropped to 2.9% from 2.9% in the year-earlier period.

Total revenue rose 11.4% year over year to ¥448.62 billion from ¥402.75 billion, and total operating expenses grew 11.0% on an annual basis to ¥427.10 billion from ¥384.71 billion.

Reported net income grew 10.9% from the prior-year period to ¥14.71 billion, or ¥9.11 per share, from ¥13.27 billion, or ¥7.91 per share.

As of Aug. 8, US$1 was equivalent to ¥101.85.