Income falls 50% for Tokai in 2013
ERJ staff report (LMH)
Komaki, Japan – Tokai Rubber Industries has said net income in the 12 months ended 31 March 2013 fell 50% to ¥3 billion, though sales in the fiscal 2013 period grew 4.6% to ¥264 billion, up from ¥252 billion in 2012. Operating profit in fiscal 2013 fell 28% year-on-year to ¥9.24 billion.
TRI president Yoshiaki Nishimura said in the report that the company went through “a tough time” due to the decreased demand caused by the economic downturn around the world and the unprecedented appreciation of the yen until last autumn. He added that political tensions in Asia also caused issues.
“In addition, we suffered boycotts of Japanese products in the Chinese market amid the rising anti-Japan sentiment,” he said.
Throughout the year, TRI made a number of acquisitions in the automotive hose and automotive anti-vibration rubber businesses, purchasing Italian hose maker Dytech in February 2013 and AVS specialist Anvis Group. . The company also opened a compounding facility in Thailand in November 2012.
This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.
News Release from Tokai
This article is only available to subscribers - subscribe today
Subscribe for unlimited access. A subscription to European Rubber Journal includes:
- Every issue of European Rubber Journal (6 issues) including Special Reports & Maps.
- Unlimited access to ERJ articles online
- Daily email newsletter – the latest news direct to your inbox
- Access to the ERJ online archive