Japanese firm Toray Industries Inc has revised its forecast of consolidated pre-tax profit for the fiscal year 2001 to Y20 billion (US$171m). This represents a downward revision of 51.1 per cent on its original May forecast, which predicted a 15 per cent increase to Y47bn.

The polyester fibre maker forecasted sales to be flat at Y1,07bn. Although the company now expects chemicals and polymer sales to decline by 4.4 per cent, it continues to predict 3.6 per cent growth in fibres and textiles.

The company said the revised forecast was due to the slowdown in the global and Japanese economies.

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