Toray Industries, a leading Japan-based company in fibres, textiles, and carbon fibre materials, has reported a decrease in consolidated revenue by 4.9 per cent to ¥1,199.4 billion for the first half of fiscal 2024 (H1 FY24), compared to the same period in the previous year.

Toray Industries reported a significant drop in core operating income, which fell by 10.6 per cent to ¥48.7 billion. Operating income also saw a steep decline of 39.8 per cent, amounting to ¥44.4 billion. Furthermore, profit attributable to owners of the parent company plummeted by 51.2 per cent to ¥28.9 billion, the company said in a media release.

The overall revenue for the fibres and textiles segment fell by 5.5 per cent to ¥481.2 billion, though core operating income in this segment actually increased by 13.9 per cent to ¥27.2 billion.

In contrast, the carbon fibre composite materials segment showed more positive results. The segment's revenue rose by 0.8 per cent to ¥141.1 billion compared to the same period last year, and its core operating income increased significantly by 35.9 per cent to ¥7.6 billion.