JAPAN: Teijin Posts Q1 Results, Cuts FY Sales Outlook
Synthetic fibre manufacturer Teijin Ltd on Tuesday posted a first quarter group net profit of 762 million yen but cut its sales outlook because of a stronger yen and lower clothing and textile sales.
The company said in the 13 weeks to June 30, sales totalled 215 billion yen and pre-tax profits reached 4.2 billion yen. Comparative quarterly results are not available as it is the first time the firm has reported quarterly results.
Teijin said it still expects a full-year group net profit of seven billion yen and an operating profit of 34 billion yen but trimmed its sales forecast to 920 billion yen from its original outlook of 950 billion yen.
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