Teijin Ltd. on Thursday reported a group net loss of 1.08 billion yen for the fiscal first half ended Sept. 30, citing poor clothing and textile sales and restructuring costs.

The loss contrasts with the group net profit of 7.2 billion yen logged the previous year and translates into a net loss of 1.16 yen per share, against the net profit of 7.95 yen.

The major polyester manufacturer blamed the net loss chiefly on 11.51 billion yen in one-time losses, including 5.95 billion yen in restructuring-related losses and 1.01 billion yen in appraisal losses on equity holdings.

Teijin said group pretax profit fell 36.5 percent to 7.95 billion yen on a 4.5 percent fall in sales to 435.65 billion yen.

The company said it will slash its per-share interim dividend by 0.5 yen to 3 yen from a year earlier.

For the full year to next March, Teijin left its projections for a 7 billion yen group net profit and a 22 billion yen pretax profit unchanged.

But it revised its sales outlook downward to 900 billion yen from the earlier projected 920 billion yen.

In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.