Sumitomo Sales Drop 24% in Q1 2009

Sumitomo Rubber has seen its sales decrease 24 per cent year-on-year during the first quarter of 2009. During the three months to March 31, the company generated sales of 108.93 billion yen (£729.8 million), compared with 143.27 billion in the first quarter of 2008. An operating loss of 5.55 billion yen (£37.2 million) contrasted with last year’s first quarter 7.55 billion yen operating profit, and the company recorded a quarterly net loss of 7.57 billion yen (£50.7 million). In the first quarter of 2008 a net profit of 2.72 billion yen was achieved.