Teijin Reports 61% Decline In FQ2 Net Profit, Lowers Forecast

Teijin Ltd (OTC: TINLY) reported a 61% drop in its net profit for the fiscal second quarter. Teijin's quarterly net profit fell to Y2.9 billion, from Y7.5 billion, in the year-ago period. Its sales dropped to Y204.0 billion, from Y207.3 billion. Teijin's operating profit dropped 23% to Y9.6 billion from Y12.4 billion. For the full business year ending March 2012, Teijin lowered its net profit forecast to Y24 billion, versus Y32 billion. It also lowered its operating profit view to Y50 billion, versus Y61 billion. It projects sales of Y890 billion, down from its earlier forecast of Y920 billion.