Toyo Ink SC Holdings Co., Ltd. announced the quarterly financial results for the fiscal year ending March 31, 2013. For the quarter ending June 30, 2012, Toyo Ink’s net sales decreased 1.5% to 60,320 million yen, while operating income was 3,925 million yen, a decline of 9% from 1Q 2011. Net income fell 27.8% year on year to 1,971 million yen.
Toyo Ink noted that the global economic slowdown is impacting its businesses.
“Both in Japan and overseas, demand remained stagnant and the price of raw materials tremained high,” Toyo Ink officials stated.
Sales in the Printing and Information Business, which includes offset inks, decreased by 0.8% to 17,895 million yen, although operating income rose to 288 million yen due to cost reduction measures. Sales for the Packaging Business, which includes gravure inks, fell 2.1% year on year to 13,488 million yen, with operating income heavily impacted by raw material price increases, declining 17.2% to 467 million yen.