ERJ staff report (LMH)
Osaka - Toyo Tire & Rubber Co. Ltd has published its annual report and financial fact book for the fiscal year ended 30 March 2011.
The company's financial summary reports full year sales of Yen 294 billion (euro 2.8 billion), up from Yen 288 billion in 2010, but still down from a peak of Yen 357 billion in 2008. Toyo reported a net income of Yen 521 million, down from Yen 2.9 billion in 2010.
Sales in the tyres business were Yen 217 billion, some 73.6 percent of Toyo's overall business. Operating margin was 8.9 percent in 2010, the company said.
In its annual report, Toyo noted that overseas sales have grown to account for 46.6 percent of total net sales, of which 32.4 percent (Yen 95.3 billion) was in North America. Japan sales accounted for Yen 157.1 billion.
Toyo made reference to the 11 March earthquake in Japan, which claimed the lives of some of the company's employees and caused damage to its production, logistics and marketing bases.
â€œEven as we faced these severe circumstance, we worked quickly towards resuming supply of our products to anxiously-waiting customers. Each of our employees gave careful though to what they could do to help with the recovery, and took action,â€ CEo Kenji Nakakura said in a message to stakeholders.
He added that the company has implemented a long-term vision - 'Vision 2020' - and a 2011 mid-term business plan, which outline the steps Toyo will take to reach its goals for the future. Full details of the Japanese rubber maker's strategy can be found in its annual report on the link below.
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Annual Report from Toyo Tire & Rubber Co.
Financial Fact Book from Toyo Tire & Rubber Co.