Sumitomo earnings drop amid “soaring” raw material prices

Kobe, Japan — Sumitomo Rubber Industries Ltd. (SRI) suffered double-digit drops in operating and net income for the quarter and nine months ended 30 Sept, despite double-digit gains in sales revenue.

Sumitomo cited “soaring” raw materials prices for the drops in earnings during the reporting periods, whereas the company experienced unit sales and revenue gains in its tire business both domestically and abroad.

For the quarter, operating income fell 30% to $79.4 million (€67.2 million) on 22% higher sales of $1.94 billion, dropping the operating ratio nearly…

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