Toray Industries Inc. consolidated revenue for the fiscal year ended March 31, 2022, increased 18.3% compared with the previous fiscal year to ¥2,228.5 billion, and core operating income rose 46.3% to ¥132.1 billion. Operating income increased 80.0% to ¥100.6 billion and profit attributable to owners of parent rose 83.9% to ¥84.2 billion. 

 

 

Increase in demand was seen both in Japan and abroad. In the apparel applications, some applications continued to be affected by COVID-19, while sports and outdoor applications performed strongly. In the industrial applications, although recovery was seen in some applications, the automotive applications were affected by the decline in automobile production volume.

 

As a result, revenue of overall Fibers & Textiles segment increased 16.3% to ¥836.2 billion compared with the previous fiscal year and core operating income rose 15.4% to ¥42.2 billion. 

 

Demand in the resins business was strong overall, given the rebound from the COVID-19 pandemic and the recovery of the Chinese economy. In the chemicals business, demand for fine chemicals was robust in addition to a recovery in the basic chemicals market. In the films business, while the battery separator films for lithium-ion secondary batteries were affected by price decline, polyester films for optical applications and electronic components performed strongly. In the electronic & information materials business, OLED-related demand increased.

 

As a result, revenue of overall Performance Chemicals segment increased 26.3% to ¥910.0 billion compared with the previous fiscal year and core operating income rose 35.8% to ¥91.0 billion. 

 

While the segment was affected by the increase in raw material prices and the decline in the production rate of commercial aircraft, the sales of wind turbine blades and pressure vessels in the industrial applications expanded, and there was growth in the sports applications. In addition, the segment proceeded with passing on the rise in raw material prices to the sales price.

 

As a result, revenue of overall Carbon Fiber Composite Materials segment increased 17.7% to ¥215.2 billion compared with the previous fiscal year. The segment posted core operating income of ¥1.6 billion, an improvement of ¥9.1 billion from the previous fiscal year. 

 

In the water treatment business, demand for reverse osmosis membranes and other products grew strongly, while shipment to some regions were affected by the COVID-19.

 

Among domestic subsidiaries in the segment, an engineering subsidiary experienced increases in the shipment of some electronics related equipment.

 

As a result, revenue of overall Environment & Engineering segment increased 3.0% to ¥199.3 billion compared with the previous fiscal year and core operating income rose 13.9% to ¥16.5 billion. 

 

In the pharmaceutical business, sales of pruritus treatment REMITCH were affected by the introduction of its generic versions as well as by a NHI drug price revision.

 

In the medical devices business, shipment of dialyzers for hemodiafiltration grew strongly in Japan, and demand for other medical devices showed a recovering trend primarily outside Japan.

 

As a result, revenue of overall Life Science segment declined 1.9% to ¥52.0 billion compared with the previous fiscal year, while core operating income rose 6.0% to ¥1.4 billion. 

 

For the fiscal year ending March 31, 2023, Toray expects revenue of ¥2,500.0 billion, core operating income of ¥140.0 billion, and profit attributable to owners of parent of ¥100.0 billion taking into consideration anticipated business expansion in growth fields and progress in profit improvement despite the prolonged harsh business environment. The calculation of consolidated earnings forecasts from April 2022 onwards is based on an assumed foreign currency exchange rate of ¥ 120.0 to the U.S. dollar.