Sumitomo cuts 2018 forecast despite half-year gains

Kobe, Japan — Sumitomo Rubber Industries Ltd. (SRI) reported a double-digit improvement in operating profit for the first six months of fiscal 2018 on 5.4% higher sales.

Despite the improvements, SRI is scaling back its sales and earnings forecasts slightly for the fiscal year to reflect the effects of recent fluctuations in raw materials prices and other factors, the company said in its half-year earnings report.

For the half year ended June 30, SRI reported 27.4% higher operating income of $248.8 million on sales of $3.91 billion,…