MOSCOW (MRC) -- Toray Industries Inc reported its financial results for 1Q FY 2023, said the company.
During the period under review (from 1 Apr 2023 to 30 Jun 2023), in the resins and chemicals businesses, the resins business was weak given the impact of demand declines in the Chinese markets and other factors.
Demand declined due to inventory adjustment in supply chains for optical applications and electronic parts in the films business as well as circuit materials in the electronic & information materials business.
As a result, revenue of overall Performance Chemicals segment decreased 12.3% to Yen 214.8 bn compared with the same period of the previous fiscal year and core operating income declined 56.1% to Yen 7.4 bn.
We remind, Toray Advanced Materials Korea Inc. (TAK) is reviewing its film line expansion in South Korea as part of its 300 billion won (USD229 million) capital expenditure plan for this year, unlike other chemical firms that have frozen their investments due to an industry slowdown amid the economic downturn.