Toyo Ink Mfg. Co., Ltd. recently reported the results of its fiscal year, which ended March 31, 2006. The company's total sales were 236.2 billion yen ($2 billion), a 3 percent increase from 2004. Net income rose 22.6 percent from last year.
Toyo Ink's sales of printing inks rose to 93,809 million yen ($800 million) in 2005, an increase of 6.8 percent. Toyo Ink's graphic arts sales were 127,430 million yen ($1.08 billion), an increase of 5.35 percent.
"Despite the rising raw material costs, we attained sales and profit growth by first half of fiscal 2004 due to the expanding our new business and economic growth of China and Asia," said Kunio Sakuma, president and CEO of Toyo Ink Mfg. Co., Ltd. "In printing inks, we have expanded sales in China and Asia, and we have had a cost cutting effect by the clustering at Saitama factory. In addition, LCD color filter materials and ink-jet materials, which are our new businesses, have showed big progress in the chemicals and media materials business segment and polymer chemical business segment. Overseas, new factories of Shanghai and Malaysia have started to operate. We expect that these new factories will contribute greatly to the expansion of our business in China and Southeast Asia."