Toray Industries, a multination technology and chemistry corporation, has reported US 17,860 million consolidated net income for the fiscal year ended 31 March 2014, a 15.4% increase compared to the previous year. Operating income has increased by 26.1% to US 1,023 million, ordinary income increased by 25.4% to US 1,075 million and net income constituted US 579 million, an increase of 23%.

During the period under review, the global economy continued to expand gradually, as consumer spending in the US increased, while the European economy continued to stagnate and the growth rate of China and other emerging economies slowed down. The Japanese economy has been recovering at a gradual pace.

Under such circumstances, Toray Group implemented the growth strategy with focus on pursuing business expansion in growth business fields and growth regions and further bolstering its total cost competitiveness in accordance with the medium-term management programme Project AP-G 2013.

Fibres and textiles

In Japan, while sales of functional apparel applications grew strongly, those of general apparel applications remained weak. On the other hand, exports recovered partly due to the correction in the strong yen. Sales for industrial applications, led by automobile-related applications, continued on track to recovery.

Overseas, while the conditions continued to be tough, textile subsidiaries in Southeast Asia and China pursued sales expansion and a shift towards high value- added products, the company reports.

As a result, overall sales of Fibres & Textiles in the fiscal year ended March 31 2014 increased by 19.5% to US 7,342 million from the previous year and operating income grew by 22.4% to US 514 million.

Carbon fibre composite materials

In the Carbon Fibre Composite Materials segment, as demand for aircrafts as well as that in the environment and energy fields including compressed natural gas tank applications expanded, sales of carbon fibres and intermediate products (prepreg) grew strongly for aerospace applications and general industrial applications.

In the composite business, sales of carbon fibre reinforced plastic chassis for notebook PCs, which boast high strength and light weight, increased.

As a result, overall sales of Carbon Fibre Composite Materials segment nearly doubled (46.0% increase) to US 1,101 million from the previous year while operating income increased by 131.9% US 164 million.

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