Tokyo -- Toyo Tire & Rubber Co. Ltd. reported double-digit increases in operating income and sales for the fiscal year ended March 31, with the tire division accounting for nearly all of the gain.
Operating income jumped 40.5 percent to yen 13 168 million (Euro 81.24 million) while sales advanced 11.5 percent to yen 357 233 million yen. Net income edged up 2 percent to yen 6137 million yen on the effects of a special loss the firm booked to cover anticipated expenses for repair work and other measures related to its building construction materials business.
Tyre segment sales jumped 15.6 percent to 252,419 million yen, thanks primarily to steady growth in international sales, Toyo said. Operating income surged 52.7 percent to yen 12,472 million despite higher raw materials prices.
Sales in North America advanced 18 percent to $1.01 billion, and operating income in the region jumped 15-fold to $44.7 million. Other international sales jumped 40.8 percent to $464.5 million, whereas sales in Japan edged up only 2 percent to $1.65 billion.
The firm did not disclose any projections for the current fiscal year.
From Rubber & Plastics News (A Crain publication)
Press release from Toyo