Massive Drop In Profit Announced By Bridgestone

As widely expected, the Bridgestone Corporation has reported a massive fall in net profits of 80 per cent for the year 2000. Net profit was 17.7 billion Yen (US$ 155 million), which was better than the company’s prediction late last year of 13 Billion Yen.

Turnover was down too, by 3.8 per cent to 2,006.9 billion Yen, and pre tax profits were down nearly 38 per cent, from 200.

8 billion Yen last year to 124.8 billion Yen. This is largely attributable to the effects of the Firestone recall.

This is the company’s worst result in ten years. Since the announcement of the tyre recall, Bridgestone shares have fallen in value by 50%..