Bridgestone Sustain 40% Hit on Profits

Bridgestone has announced that its net profit fell 40 per cent in the first nine months of 2009, prompted by diminished demand and inflated raw materials costs. Net profits were down to 49.47 billion yen (317 million pounds sterling; 1 GBP = 156 JPY), from 2007’s figure of 82.34 billion yen in the same period.

Revenue for the company increased 1.3 per cent to 2.5 trillion yen (£16 billion), thanks mainly to the Chinese market, which continues to look relatively solid. However, operating profit was down 26.8 per cent to 119.2 billion yen (£761 million) because, Bridgestone comments, of massive fuel cost increases. US sales have dropped 2 per cent in the period, while Japanese sales saw a small rise of 1 per cent.