Toyo Ink SC Holdings Co., Ltd. announced the first quarter financial results for the fiscal year ending March 31, 2014.
Net sales for the first first quarters of fiscal 2014 (from April 1, 2013 to July 31, 2014) were ¥ 64,485 million, a 6.9% over 2012’s first quarter. Operating income increased 29.5% to ¥5,082 million, while net income was ¥3,705 million, and increase of 88% compared to the first quarter of 2012.
“During the first quarter of the consolidated fiscal year under review, the global economy showed a gradual recovery in the United States,” Toyo Ink reported. “However, the economy remained sluggish in Europe as the risk of the financial crisis in the region continued unabated, and the economic growth of China, India and other emerging economies that mainly deal with the Western market also slowed. The outlook of the Japanese economy also remained uncertain, given stagnant growth in consumer spending, although corporate earnings moved toward an improvement.
“The Toyo Ink Group also faced a challenging business environment as the price of raw materials continued to rise, reflecting the depreciation of the yen, although demand picked up. Responding to this situation, the Group sought to enhance its earnings by bolstering sales of advanced products and cutting costs,” Toyo added.
Sales in the Printing and Information Business decreased to ¥18,411 million, up 3.4% year over year, and Packaging Business sales were ¥14,567 million, also an increase of 3.4% from the first quarter of 2012.