Latest Toyo figures show tyre business growth

Toyo Tire & Rubber has reported net sales of 120,474 million yen (£980.8 million) for the first quarter of its current financial year, the three months to 30 June 2012. The company’s tyre business unit accounted for 96,448 million yen (£785.2 million) of these sales, 80.1 per cent of the total. Company operating income amounted to 3,529 million yen (£28.7 million), while tyre business operating income was 2,428 million yen (£19.8 million). Total net income came to 1,252 million yen (£10.2 million).

The Japanese manufacturer said it experienced “favourable growth” in both its domestic original equipment and replacement tyre businesses. Toyo’s overseas market replacement tyre business was described as stagnant in North America and Europe, while business “has been performing well” markets such as China, Southeast Asia and the Middle East. Overall unit sales and net sales in international markets indicate “healthy and steady growth,” commented Toyo.

Toyo also notes that as of the 2012 fiscal year it will chance from an April to March fiscal year to a January to December format. This means that 1 April to 31 December 2012 will be a nine-month fiscal period.