ERJ staff report (DS)
Tokyo -- Tokai Rubber Industries said sales and profits in the three months to 30 September 2011 declined, due to the after-effects of the Great Tohoku earthquake.
The company reported sales of yen 113 billion (euro 1024 million) in the three months, compared with yen 130 billion in the equivalent period a year ago. Operating income fell to yen 4519 million from yen 7739 million a ytear earlier. Net income fell to yen 1142 million from yen 4837 million a year ago.
The company also reduced its forecasts for the first half of the year. The company now says its first-half sales will amount to yen 250 billion, revised downward from yen 260 billion. Operating income is now likely to be yen 15 billion, a reduction of yen 3000 million from the previous forecast of yen 18 billion.
Tokai said sales of high pressure hose were strong in China, while Japanese demand for earthquake bearings also increased.
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Press release from Tokai (Japanese language)
Above Press release auto-translated from Japanese