ERJ staff report (LMH)
Tokyo - Tokai Rubber Industries Co. Ltd has reported a 7.5 percent drop in sales to Yen 251 billion (Euro 2.4 billion) for the fiscal year ended 31 March 2012. Operating income for the same period dropped a significant 23.6 percent to Yen 12 billion, while net income was down 38.7 percent at Yen 6 billion.
Tokai attributed the losses to the problems in the global economy, particularly in the US and Europe. It also noted that there was a cessation of production due to floods in Thailand.
In the automotive business, sales were down in the anti-vibration and hoses sector. Net sales were Yen 193 billion, down 10.9 percent year-on-year.
In the industrial supplies business, sales were up 6 percent at Yen 67 billion due to domestic demand for vibration control equipment for residential buildings and demand for high-pressure hoses in China.
Tokai said the next year is unpredictable due to continued financial uncertainty, and the after effects of the earthquake and flood in Thailand.
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Press release from Tokai Rubber (auto-translated from Japanese)
Press release from Tokai Rubber