Chori reports 40% profit drop in Q1

Chori Co's Q1 consolidated net sales fell 7.0% to 71.6bn yen while net profit dropped 39.7% to 2.5bn yen.

The decline reflects sluggish sales in fibers, textiles and garments (down 7.6%) and chemicals (down 6.5%), primarily due to market downturns and absence of prior year's one-off gains.

The company maintained its full-year forecast of 330bn yen in net sales and 11bn yen in net profit.