Tokyo Rope Mfg. announced on Friday the firm targets more than 5% of recurring profit rate on sales in fiscal 2013 ending March 2014 under new 2-year plan. The profit rate is 2 percentage points higher than average in fiscal 2010-2011. The firm increases the consolidated sales by around 15% to 85 billion yen in fiscal 2013 from the average.The firm plans to increase offshore sales rate by more than 6 points to 25% in fiscal 2013 in same comparison. The Japanese largest wire rope maker tries to regain profitability by around 2.5 billion yen of cost reduction, rebuilding of production structure and release of promising new products. Tokyo Rope transfers saw wire production at Kitakami plant in Iwate to plant in China to improve international competitiveness under higher yen exchange rate. The firm plans to improve profitability by release of innovative product while the firm seeks optimum production network to follow growing offshore demand. Tokyo Rope plans to build new stranding facilities of carbon fiber composite cable as future cash cow item in the 2-year plan. The firm plans to increase wire rope and steel wire sales to meet demand for rebuilding activity in the major earthquake damaged area. The firm is expanding plant in Vietnam to meet growing demand.
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