Kobe, Japan — Sumitomo Rubber Industries Ltd. (SRI) has suffered double-digit drops in operating and net income for fiscal 2018.
In its annual financial report published 13 Feb, the company pinned the declines on foreign-exchange losses and an impairment loss related to its South African subsidiary.
Operating income for the period dropped 15.3% to $519.6 million (€460 million) on 1.9% higher sales of $8.13 billion.
The results are in line with a forecast SRI published along with its third-quarter earnings report in November last year.
At the time, the…