ERJ staff report (DS)
Tokyo - Toyo Tire and Rubber said it has now completely recovered from the effects of the Great Tohoku earthquake and tsunami of March 2011. The company said sales in the nine months to 31 December 2011 were 6.7 percent ahead of the same period a year ago and operating profit was 10 percent ahead.
Net sales reached yen 241,663 million (euro 2396 million) for the nine months and yen 93,814 million for the three month period.
Operating income was yen 11,589 million in the nine months and yen 5911 million in the mot recent quarter.
The company said its tyre division saw improved results in North America and in Asia, but decreased in Europe and in Japanese OE markets. Japanese replacement sales were level.
The company now expects full year net sales to be yen 319,000 million, slightly lower than the yen 322 billion previously forecast. The tyre unit is expected to advance by 12 percent, while the industrial division is expected to see flat sales.
Toyo also expects operating income to be lower, at yen 9100 million for the full year, compared with the previous forecast of yen 10,500 million.
Results presentation from Toyo