Toray Reports 26% Decline In FQ3 Net Profit, Lowers Outlook

Toray Industries Inc TRYIY reported a 26% drop in its net profit for the fiscal third quarter. The company also lowered its full-year profit forecast. Toray's quarterly net profit dropped to Y13.9 billion, from Y18.9 billion, in the year-ago period. Its sales climbed 1.6% to Y399.9 billion from Y393.5 billion, while operating profit fell 6.1% to Y25.8 billion. For the full business year ending March, Toray cut its net profit forecast to Y63 billion from Y74 billion. It also lowered its operating profit forecast to Y110 billion from Y120 billion. Toray now expects sales of Y1.610 trillion, down from its earlier outlook of Y1.670 trillion.