OSAKA -- Toyobo Co. said Tuesday its group net balance fell into the red in the 2001 business year due mainly to appraisal losses on securities holdings.
In the year to March 31, the long-established spinning company posted a group net loss of 13.36 billion yen, a sharp reversal from the previous year's profit of 5.66 billion yen.
Its consolidated per-share net loss came to 19.34 yen against a profit of 8.19 yen the previous year.
Toyobo's group pretax profit dropped 34 percent to 6.80 billion yen and sales slipped 4.9 percent to 383.08 billion yen, with those in its textile business falling 7.1 percent due to sluggish domestic consumption and increasing imports.