Toyo Tire reports loss for 12 months to March 2009

ERJ staff report (DS)

Tokyo -- Toyo Tire has reported a loss for the 12 months to March 2009 on slightly lower sales. The company reported sales down by 8.1 percent, to Yen 328 370 million (euro 2444 million), from yen 357 230 million for the previous year. The company said it expects sales for 2010 to be down by a further 9 percent, to yen 298 000 million.

The company said it made an operating loss of yen 2960 million (euro 22 million), compared with yen 13 170 million a year ago. The company said 2010 will see a loss of yen 2800 million in the first half, but will convert that to profit of yen 7800 million the full year.

Net profit showed a similar pattern. Toyo said its 2009 loss was yen 10 720 million, down from a profit of yen 6140 million. It expects to see a loss of yen 4200 million in the first half of the coming year, moving to profit of 1800 million for the full year ending March 2010.

The Japanese parent company said sales were down 12 percent, at yen 216 900 million (previously yen 246 220 million). The operating loss was yen 10 960 million (previously yen 2990 million profit). Net loss was yen 11 540 million (previously yen 451 million profit).

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Press release (group figures) from Reuters

Press release (Japanese figures) from Reuters