Bridgestone Q2 profit reaches 73.9b yen

Bridgestone Corporation’s consolidated financial statements for the second quarter and first half of 2013 show a considerable increase in net sales, operating and net income during the period. Net sales amounted to 1,705 billion yen (£11.4 billion) between 1 January and 30 June 2013, 14.4 per cent higher than in the same period of 2012. Operating income rose 42.3 per cent to 190.4 billion yen (£1.3 billion) and net income was up 55.5 per cent to 117.0 billion yen (£784.3 million). Net income per share increased from 96.17 yen to 149.52 yen (£1.00).

In the second quarter, net sales rose 19.4 per cent to 910.6 billion yen (£6.1 billion), operating income increased 63.9 to 115.9 billion yen (£776.7 million) and operating margin rose from 9.3 per cent to 12.7 per cent. Net income, at 73.9 billion yen (£495.2 million), was more than double the Q2 2012 amount. 

The company’s tyre division made net sales of 1,447.7 billion yen (£9.7 billion) in the first half of 2013, 84.9 per cent of total net sales. Operating income came to 173.2 billion yen (£1.2 billion), a 45 per cent year-on-year increase.

Bridgestone’s first-half operating, ordinary and net income exceeded the projections announced on 18 February 2013, mainly due to changes in the yen exchange rate, favourable raw material and feedstock prices and cost cutting initiatives. The company has reviewed its full-year projections, which now anticipate net sales of 3,590 billion yen (£24.1 billion), 18 per cent higher than the 2012 result, along with a 40 per cent increase in operating income to 400 billion yen (£2.7 billion), 34 per cent increase in ordinary income to 381 billion yen (£2.6 billion) and 43 per cent rise in net income to 246 billion yen (£1.6 billion).