Hyogo, Japan – Toyo Tire Corp. has reported a strong growth during the first three months of the year, helped by its Tire Business.
First quarter operating income was up 83% at Yen12.7 billion, on 7% higher sales of Yen87.7 billion, Toyo reported 14 May.
The Tire Business Unit posted net sales of Yen77.7 billion, up 7.5% year-on-year. The unit’s operating income rose 78.3% to Yen13 billion.
Volumes were up 7% at 61,000 tonnes, with Asia and Japan seeing a positive development.
Toyo’s Automotive Parts Business Unit reported an operating loss of Yen479 million, a decrease of Yen4 million from last year. Segment sales was up 2% at just under Yen10 billion.
For the full year, Toyo said it expected net sales to jump 8.2% year-on-year to Yen372 billion and operating income to increase 21.1% to Yen44 billion.