Sumitomo operating income, sales down in 1st half

Kobe, Japan - Sumitomo Rubber Industries Ltd. (SRI) suffered a 6.2-percent drop in operating income in the first half as sales slipped 0.3 percent. Net income, on the other hand, more than quadrupled.

The sales and earnings drops are attributed to the firm's sporting goods and industrial products businesses. The tyre segment posted an 11-percent gain in operating earnings on 8.2-percent higher sales. Otherwise, Sumitomo offered no commentary on the results, released Aug. 9.

For the six months ended June 30, SRI's operating income fell to $140.5 million on sales of $2060 million. Net income shot up to $66.2 million.

SRI's tyre segment-represented in North America by Treadways Corp. and Falken Tire Corp.-posted operating income of $103.8 million on sales of $1720 million.

SRI's sales in North America-the firm's largest export market-were up 3.6 percent in the period to $277.7 million.

From Tire Business (A Crain publication)