Hyogo, Japan – Toyo Tire Corp. has seen its second quarter sales and operating income improve significantly this year, mainly due to the strong performance of its tires business unit.
Second quarter operating income rose 240% year-on-year to Yen27 billion (€208 million), on 23.8% higher sales of Yen186 billion, Toyo announced 10 Aug.
The ‘tire business unit’ posted net sales of Yen166 billion for the three months to end of June, up 23.8% compared to the year before. Segment’s operating income rose 186.5% to just under Yen28 billion for the period.
In terms of geographical markets, Toyo’s tires operations reported growth in all regions, including Japan, North America and otehrs.
Sales particularly improved in North America, with a 34% year-on-year increase to Yen109 billion.
Toyo’s ‘automotive parts business unit’ performed stronger than last year, posting a 23.3% incraese in sales to Yen20 billion, and narrowing loss to Yen938 million, up from a loss of Yen1.8 billion reported in 2020.
For the full year, Toyo said it estimated sales to come in at Yen392 billion, up 14% compared to 2020. Operating profit is expected to reach Yen48 billion, more than 32% above last year’s levels.