Sumitomo downgrades 2018 outlook on rising costs

Kobe, Japan – Sumitomo Rubber Industries Ltd. (SRI) has downgraded its earnings forecast for fiscal 2018 for a second time, after suffering a 25% drop in operating profit for the quarter ended 30 Sept.

The latest forecast — which takes into account a projected 30-plus-percent decline in business profits in the fourth quarter — drops the operating income by 11% from the mid-August outlook to roughly $545 million (€478 million).

SRI cites rising raw materials — in particular crude oil and natural rubber — as well as…

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