ERJ staff report (DS)
Tokyo-Yokohama Rubber Co., Ltd., has raised its projections for consolidated net sales and earnings in the fiscal year to March 31, 2010.
The company now projects net income of 9.4 billion yen (euro 77.2 million), compared with a net loss of 5.7 billion yen in the previous fiscal year. It projects that operating income will rise 49.9%, to 19.2 billion yen, and that net sales will decline 9.1%, to 470.0 billion yen (euro 3860 million).
The projection for net income is 34.3% higher than the projection announced on October 30, 2009; the projection for operating income is 12.9% higher; and the projection for net sales is 1.1% higher.
The copany said the improvement is based on faster-than-expected recovery in tyre sales. Demand from automakers in Japan has been stronger than expected, and heavy snowfall has generated stronger-than-anticipated demand for winter tyres in Japan. In addition, tyre demand has exceeded forecasts in markets outside Japan, especially in Asian nations. The upturn in sales has raised Yokohama's capacity utilisation rate, meanwhile, which has further improved profitability.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
Press release from Yokohama