Toyo's net earnings drop more than 80 percent

ERJ staff report (TB)

Osaka, Japan -- Toyo Tire & Rubber Co. Ltd. suffered an 82.6- percent drop in net earnings for the fiscal year ended March 31 as sales grew 2.2 percent to yen 294,092 million (euro 2569 million)

Toyo's operating income grew 40.6 percent to 12.182 million yen (euro 106 million) , or 4.1 percent of sales, overcoming to a degree higher costs for raw materials throughout the year. Net income fell to 0.2 percent of sales.

Toyo management is forecasting a drop in operating income for fiscal 2012 of about 63 percent. Sales are expected to rise nearly 10 percent.

The tyre business unit reported a 27.8- percent gain in operating income to yen 216,596 million yen on 1.1- percent higher sales, to yen 216,596 million. Toyo reported higher revenue in Europe and North America, while domestic revenue was on par with the previous year.

From Tire Business (A Crain publication)

Press release from Toyo