Toyo lowers earnings forecast

From Rubber & Plastics News

Tokyo-Toyo Tire & Rubber Co. Ltd. has lowered its fiscal 2004 earnings forecast after profits fell markedly in the first half on increased costs for raw materials and other operating functions.

The firm’s net earnings for the six months ended 30 Sept fell 66.2 percent to $7.8 million, while sales slipped 1.4 percent to $1.08 billion. Operating income fell nearly 70 percent to $17.1 million.

As a result, the firm reduced its net profit forecast for 2004 by nearly 10 percent…

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