Itami City, Japan — Toyo Tire & Rubber Co. Ltd.’s operating income for the half-year ended 30 June fell 16.7% despite 3-percent higher sales.
Operating earnings fell to $194.3 million on sales of $1.71 billion, dropping the operating ratio nearly three points to 11.4%. Net income quintupled to $98.5 million.
Toyo cited elevated raw materials prices as the main reason for the lower first half earnings.
Despite the first-half earnings drop, Toyo has revised upward by 6.4% its profit forecast for the full year based on more favorable…