Polyester giant Teijin Ltd said Thursday it plunged into the red in the first half due to restructuring costs related to the axing of loss-making operations.

The company posted a loss of 1.1 billion yen for the April to September period on a five per cent slide in group sales to 435.6 billion yen.

Sales in its main textile operations slipped six per cent to 238.3 billion yen amid fierce competition from Asian manufacturers and weak domestic demand.

Teijin said for the full-year it continues to see a group net profit of seven billion yen and an operating profit of 34 billion yen, with group sales seen slightly down at 900 billion yen from an original forecast of 920 billion yen.

Source: just-style.com