Toyota Industries’ Textile Machinery Sales Drop 19% in FY2019-20

Toyota Industries Corporation reported that its consolidated sales of textile machinery during the fiscal year ending in March 2020 dropped 19% compared to the previous fiscal year to 61,756 million yen.
The Textile Machinery Segment posted profits of 2,942 million yen, as compared with 7,319 million yen in the previous fiscal year.
According to the company, the textile machinery market was stagnant in Asia, including the primary market of China. The drop in textile machinery sales was due mainly to decreases in sales of weaving machinery and yarn quality measurement instruments.
Sales of airjet looms amounted to 6,800 looms, as compared with 9,000 in the previous fiscal year.

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