Japanese chemical company Toray Industries has posted consolidated revenue 578.1 billion yen (approximately $4.01 billion) in the first quarter (Q1) of fiscal 2024 (FY24), a decline of 4.6 per cent, compared with the same period a year earlier.

Core operating income fell 19.2 per cent to 21.9 billion yen in Q1 FY24, operating income declined by a substantial 59.1 per cent to 20.8 billion yen, and profit attributable to owners of parent plummeted 65.1 per cent to 13.9 billion yen.

Despite the overall decline, the performance in different segments showed mixed results. In the fibres and textiles segment, revenue decreased slightly by 0.9 per cent to 223.8 billion yen, compared to the same period of the previous fiscal. However, core operating income showed a strong increase of 25.8 per cent, rising to 10.9 billion yen, Toray Industries said in a press release.

The carbon fibre composite materials segment showed a minor increase in revenue by 0.2 per cent to 68.7 billion yen, compared with the same period of the previous fiscal. In this segment, core operating income also rose by 13.8 per cent to 2.7 billion yen.

Toray's total assets witnessed an increase, standing at 3,347.4 billion yen, up 153.3 billion yen from the end of the previous fiscal. This rise was due primarily to increases in inventories, property, plant, and equipment, and other financial assets.