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.
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News Release from Tokai