Tokai falls into loss for year

ERJ staff report (DS)

Tokyo -- Tokai Rubber Industries Ltd reported sales down by 12 percent for the 12 months ended 31 March, 2009, but the company expects sales for the first half of the current year will be down by 45 percent. Tokai makes ant-vibration systems for the automotive sector.

Sales for the 12 months amounted to yen 274 400 million (euro 2119 million), down by 12.1 percent on the previous year. The company expects sales in the six months to 30 Sep 2009 to be down by 45 percent on the 2008 figure, at yen 86 000 million. Sales for the full year are expected to be yen 194 000 million, down by around 29.3 percent on the most recent year.

Due the substantial decline in sales, Tokai expects to report a negative operating profit in each of the periods. In the most recent 12 months, operating profit was positive at yen 6080 million, down from yen 24 700 million a year previously. The forecast for the current year is a loss of yen 5500 million, with a loss of yen 6700 million in the first half.

In terms of net profit, Kinugawa recorded yen 1140 million for the most recent year, down from yen 14 240 million a year ago. The company expects a loss of yen 4800 million in the first half, reducing to yen 4500 million for the full year ended March 2010.

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Reuters report