Bridgestone Corporation Reports Sales and Earnings for Fiscal 2003

The group recorded a 96 per cent increase in net income in 2003, to ¥88.7 billion (0.8 billion US dollars), on a 2 per cent increase in net sales, to 21.

5 billion US dollars. Operating income was basically unchanged, at 1.7 billion US dollars, and ordinary income rose 13 per cent 1.

6 billion US dollars. Net return on shareholders’ equity was 10.5 per cent, compared with 5.

6 per cent in the previous year. Contrasting geographical trends characterized the operating environment. In Japan, economic recovery was weak.

In the latter half of the year the weakening of the dollar affected Japanese exports adversely. Escalating costs for natural rubber and other raw materials undercut profitability in all principal markets throughout the year. Sales of tyres increased 2 per cent to 17.

2 billion US dollars. However, operating income in the tyre segment declined 4 per cent to 1.4 billion US dollars.

Sales in Europe rose 20 per cent to 2.7 billion US dollars, and operating income climbed 87 per cent to 0.14 billion US dollars, reflecting success in focusing sales on high-value products and the results of a financial restructuring in the previous year.