Sumitomo Rubber Q1 sales, earnings up double digits

Kobe, Japan – Sumitomo Rubber Industries Ltd. reported double-digit gains in operating profits and sales for the quarter ended 31 March, as higher selling prices, increased volume and favourable currency exchanges offset increased raw materials costs.

Operating income increased 18.4% to $129.10 (€110 million) on 10.7% higher sales of $1.96 billion, raising the operating ratio slightly to 6.6%. Net income fell 10.5% to $70.6 million.

SRI attributed the income gain to the positive effects of price, volume and mix offsetting higher raw materials costs.

SRI’s tire business reported…

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