SRI profits down despite higher sales in 2017

Kobe, Japan — Sumitomo Rubber Industries Ltd. (SRI) reported an 8% drop in operating income for fiscal 2017 despite 16% higher sales, as gains in pricing and volume/mix weren’t enough to offset higher raw materials-related costs.

Operating income slid to $602.2 million on revenue of $7.84 billion, dropping the earnings ratio two full points to 7.7%. Net income rose 13.6% to $419.5 million.

SRI noted that the prices of both natural rubber and butadiene — a key ingredient in synthetic rubber — surged throughout the first half…

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