Tokai Rubber reports strong growth in third quarter

ERJ staff report (LMH)

Tokyo, Japan -- Tokai Rubber has released its consolidated financial results for the nine months ended 31 Dec 2010, with an optimistic forecast for the year till 31 Mar 2011.

Sales increased by 18.4 percent to Yen194 240 million (euro 1729 million) in the nine month period, compared to the results for the same period in 2009, when sales were just Yen 164 000 million. The maker of rubber parts for cars said full-year sales to Masrch 2011 would probably reach Yen270 000 million an increase of 39 percent over the nine-month figure, and 15 percent ahead of last year's figure.

In its report, Tokai said that economic aid and subsidies in the domestic economy led to signs of a gradual recovery trend. However, the group added that rising raw material prices and the appreciation of the yen meant the outlook was still uncertain.

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Press release from Tokai (Japanese language)

Above Press release auto-translated into English (from Japanese)