Kinugawa Rubber's full-year profits rise

ERJ staff report (DS)

Tokyo -- Kinugawa Rubber Industrial Co Ltd reported sales down by 10 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 40 percent. Kinugawa makes rubber components for the automotive sector.

Sales for the 12 months amounted to yen 58 920 million (euro 455 million), down by 9.9 percent on the previous year. The company expects sales in the six months to 30 Sep 2009 to be down by 40 percent on the 2008 figure, at yen 21 000 million. Sales for the full year are expected to be yen 45 000 million, down by around 23 percent on the most recent year.

Despite the substantial decline in sales, Kinugawa expects to report a positive operating profit in each of the periods. In the most recent 12 months, operating profit was yen 2210 million, down from yen 3210 million a year previously. The forecast for the current year is yen 1600 million, but for the current first half, just yen 100 million.

In terms of net profit, Kinugawa recorded yen 729 million for the most recent year, up from yen 490 million a year ago. The company expects a loss of yen 300 million in the first half, reversing to a profit of 500 million for the full year ended March 2010.

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Reuters report