Sagami Rubber reports loss on higher sales

ERJ staff report (DS)

Tokyo-- Sagami Rubber Industries Co Ltd reported sales up by 4.6 percent for the 12 months ended 31 March, 2009, but the company expects sales for thecurrent year will be down by 2.9 percent. Sagami Rubber makes and sells rubber goods, but is best known for its condom business. The company makes condoms in NR latex and in polyurethane.

Sales for the 12 months amounted to yen 4840 million (euro 37 million), up by 4.6 percent on the previous year. The company expects sales in the six months to 30 Sep 2009 to be down by just 6.8 percent on the 2008 figure, at yen 2300 million. Sales for the full year are expected to be yen 4700 million, down by around 2.9 percent on the most recent year.

Following the increase in sales, Sagami expects to report a positive operating profit in each of the periods. In the most recent 12 months, operating profit was yen 184 million, up from yen 114 million a year previously. The forecast for the current year is yen 381 million, with a profit of yen 180 million in the first half.

In terms of net profit, Sagami recorded a loss of yen 156 million for the most recent year, similar to the loss of yen 168 million reported a year ago. The company expects a profit of yen 140 million in the first half, rising to yen 282 million for the full year ended March 2010.

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Reuters report