Tokyo, Japan, March 31, 2020 – Toray Industries, Inc. (hereinafter, “Toray”) today announced that, in the non-consolidated financial statements for the fiscal year ended March 31, 2020, it expects to recognize an extraordinary loss of ¥37.5 billion on the impairment of shares in affiliates due to the significant decline in stock price of Pacific Textiles Holdings Ltd. (listed on the Hong Kong Stock Exchange; hereinafter, “PTHL”).
As a result, Toray will record a loss of ¥18.7 billion on the additional amortization of PTHL’s goodwill as “Equity in losses of unconsolidated subsidiaries and affiliated companies” in the consolidated financial statements.
Toray is currently preparing its consolidated business results for the fiscal year ending March 31, 2020 and plans to announce the results on May 13, 2020.
