Tokyo- Yokohama Rubber Co. Ltd. (YRC) has revised upward by nearly 30 percent its earnings projections for the six months ended 30 Sept.
YRC now expects operating income to hit ¥11 500 million (€70 million), an increase of 3.5 times over the year-ago period and 27.8 percent higher than the firm's forecast disclosed in early August. Net income should hit ¥12 500 million, 3.7 times that reported a year ago and 66.7-percent higher than the earlier forecast.
Net sales should hit ¥252 000 million, unchanged from the earlier projection.
YRC attributes the revision to stronger-than-expected sales growth in markets outside Japan, improvements in the structure of earnings in YokohamaÂ´s North American tyre operations and the weaker-than-expected yen.
The revised net income forecast reflects a larger-than-expected tax benefit realised in connection with the improved profitability in Yokohama's North American tyre operations.
Yokohama will disclose its half-year results on 9 Nov.
From Tire Business (A Crain publication)
Press release from Yokohama