Toyo increases turnover and operating profit – but net profit down in 2013

Turnover at Toyo Tire & rubber rose 27 per cent during the 2013 financial year to ¥370 billion (£2.2 billion), the company reports, while operating profit almost trebled to ¥38.3 billion (£224.6 million); operating margin was 10.3 per cent. Despite these favourable figures, Toyo’s bottom line was significantly below its result a year earlier; net profit fell 12.3 per cent to ¥11.6 billion (£68.0 million).