ERJ staff report (R&PN)
KOBE, Japan (May 10, 2010)-Sumitomo Rubber Industries Ltd. returned to the black in the first quarter on 23.1-percent higher sales and tighter control on operating costs.
Sumitomo reported operating and net income of $107.6 million and $247.1 million, respectively, for the quarter ended March 31 on sales of $1.48 billion. The company had operating and net losses in the first quarter of 2009.
Sumitomo didn't comment on the financial results or provide any full-year projections. The firm's data show the cost of sales and selling/general/administrative costs rose only 11 and 4 percent, respectively, vs. 2009.
The company's tyre business unit reported operating income of $79.4 million on 26.2-percent higher sales of $1.23 billion, after suffering a loss a year ago.
Sumitomo reported higher sales in all of its geographical operating areas, including 26.1-percent growth in North America to $240.7 million.
From Rubber & Plastics News (A Crain publication)