Sumitomo earnings plunge; sales up 12%

Kobe, Japan — Sumitomo Rubber Industries Ltd. (SRI) suffered double-digit drops in operating and net income for the quarter and half-year ended June 30, but is still raising its earnings forecast for the full fiscal year.

The revised earnings forecast, up 26% over the projections from May, is based on the expected easing of raw materials prices, stable currencies and gradual economic recoveries in key markets during the second half of 2017.

For the half-year, SRI’s operating income fell 27.1% to $188.9 million and net profit decreased…

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