Toray Industries Inc., a manufacturer of synthetic fibers, said Monday its group net profit plunged 77.6 percent to 3.8 billion yen in the fiscal year ended March 31 as overall demand weakened amid the severe business environment.

The company said it redoubled efforts to cut production costs as well as marketing and administrative expenses but that the decline in demand overwhelmed those efforts.

Group pretax profit also fell, plummeting 78.1 percent to 8.94 billion yen, while group revenues fell 5.5 percent to 1.016 trillion yen.

Group net profit per share stood at 2.71 yen in fiscal 2001, down sharply from 12.09 yen the previous year.

Toray will pay a full-year dividend of 5 yen per share, which includes an earlier interim dividend of 2.5 yen. The company paid a full-year dividend of 7 yen a year earlier.

For the current fiscal year, the company forecasts a group net profit of 6 billion yen and a group pretax profit of 12 billion yen on revenues of 1.04 trillion yen.

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