Japanese textile company Toray Industries has reported consolidated financial revenue of 1,901.8 billion yen (approximately $14.60 billion), up 15.5 per cent year-on-year (YoY), for the first nine months (9M) of fiscal 2023 (FY23), ended December 31, 2022. However, core operating income fell 24.1 per cent to 80.4 billion yen and profit attributable to owners of parent was down 16.5 per cent to 74.6 billion yen.

In the first nine months of FY23, the fibres and textiles segment saw a revenue increase of 24.3 per cent YoY to 784.8 billion yen due to a recovery in apparel applications and a demand trend for automobile applications in some regions. The segment's core operating income also rose 11.6 per cent YoY to 39.6 billion yen, the company said in a press release.

The performance chemicals segment was affected by rising raw material and fuel prices, resulting in a revenue increase of only 3 per cent YoY to 698.3 billion yen and a decline in core operating income by 59.8 per cent YoY to 30 billion yen.

The carbon fibre composite materials segment saw significant growth with a 37.9 per cent YoY increase in revenue to 211.2 billion yen in the first nine months of FY23, driven by a recovery trend in aerospace applications and the expansion of sales of pressure vessels in industrial applications. The segment posted core operating income of 11.8 billion yen, an improvement of 13.7 billion yen from the previous year.

Toray has revised its consolidated forecasts for the fiscal year ending March 31, 2023, expecting revenue of 2,510 billion yen, core operating income of 100 billion yen, and profit attributable to owners of parent of 72 billion yen.