Japanese textile giant Teijin Ltd said on Wednesday executives of the Teijin group will have to take a pay cut for the first half of next year as it looks to make savings of around 100 million yen.

Up to 70 executives will be affected by the cuts, with chairman Shosaku Yasui and president Toru Nagashima both having their pay slashed 15 per cent, while other senior staff will lose 10 per cent.

For the year to March 2002, Teijin expects a group recurring profit of 25 billion yen, down 26 per cent from the previous year due to slow sales in the industrial polyester films sector.