Toyo operating income drops 43 percent for year

From Rubber & Plastics News

Tokyo-Toyo Tire & Rubber Co. Ltd. is counting on increased sales and cost-containment measures this year to help it rebuild profits eroded away last year by increased raw material costs and operating expenses.

For the year ended 31 March, Toyo suffered a 43.3-percent drop in operating earnings to $67.8 million. Sales edged up slightly to $2.26 billion, dropping the earnings/sales ratio two percentage points to 3 percent. Net earnings were up 51 percent to $48.8 million.

For fiscal 2005, Toyo is forecasting a…

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