Sumitomo earnings drop despite higher sales

Tire Business staff report

Kobe, Japan – Sumitomo Rubber Industries Ltd. (SRI) suffered a 94.5-percent in net income last year despite a 6.6-percent rise in sales.

SRI’s net income fell to $10.4 million (Euro 8 million) as sales rose to $5.85 billion. Operating income fell 43.2 percent to $248.5 million.

SRI did not offer any commentary on the results, but the firm’s balance sheet shows the cost of sales rose nearly 12 percent during the year. Selling, general and administrative expenses increased by 8.5…

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