Sumitomo Rubber's Q1 profits drop despite higher sales

ERJ staff report (TB)

Kobe, Japan -- Sumitomo Rubber Industries Ltd. (SRI) suffered a 27.7-percent drop in net income in the quarter ended 31 March despite 8.2-percent higher sales of $1.76 billion (euro 1233 million).

Sumitomo's net income fell to $51.6 million, or 2.9 percent of sales, and operating income slipped 0.6 percent to $118.1 million, or 6.7 percent of sales. SRI did not comment on the results, released in the firm's quarterly “Flash Report” for investors.

SRI's tire segment reported 17.4-percent higher operating income of $103 million on 11.4-percent better sales of $1.51 billion.

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Article from Tire Business - a Crain publication