Textile maker Teijin Ltd. said Thursday its group net balance in fiscal 2003 returned to the black due to increased operating profit.
The company scored a group net profit of 8.45 billion yen in the reporting year through March 31, against a loss of 20.98 billion yen in fiscal 2002. Per-share net profit came to 8.96 yen, compared with a net loss of 22.69 yen in the previous year.
The good showing was also attributed to the absence of losses associated with the disposal of loss-making businesses and appraisal losses on stockholdings, both of which hit the company in the previous year.
Group operating profit soared 9.8 percent to 38.75 billion yen, thanks to reduced materials procurement, sales and management costs, Teijin said.
Group pretax profit grew 8 percent to 23.76 billion yen.
Overall sales dipped 1.8 percent to 874.57 billion yen.
The company will pay a full-year dividend of 6.50 yen per share -- an interim dividend of 3.00 yen already paid and a yearend dividend of 3.50 yen -- unchanged from fiscal 2002.
For the current fiscal year that began April 1, Teijin expects to see a group pretax profit of 14 billion yen and a net profit of 9 billion yen on sales of 425 billion yen. The company plans to pay a full-year dividend of 6.50 yen per share for the current year.