Yokohama sets new 9-month operating income, net income records
The Yokohama Rubber Co., Ltd net sales increased 4.2 per cent in the first three quarters of 2014 to 429.8 billion yen (£2.369 billion; 3.015 billion euros; US$3.768 billion). Operating income increased 6.5 per cent, to 31.9 billion yen (£175.878 million; 223.792 million euros; $279.670 million); and net income increased 27.4 per cent, to 24.9 billion yen (£137.269 million; 174.673 million euros; $218.329 million). According to the company, all three of those totals were Yokohama’s highest ever in the nine-month period from January to September.
- Sales: 429.8 billion yen – up 4.3 per cent.
- Operating income: 31.9 billion yen – up 6.5 per cent.
- Net income: 24.9 billion yen – up 27.4 per cent.
Gains in Yokohama’s core tyre operations, led by growth in original equipment business in Japan and by growth in overseas markets were said to have driven the improvements. Yokohama also posted growth in industrial products and in other products, led by strong growth in sealants and adhesives and in golf equipment. Furthermore the nine-month gains in sales and profitability benefited from declining prices for raw materials and the weakening yen.
Yokohama’s nine-month sales in tyre operations increased 4.4 per cent over the same period of the previous year, to 337.5 billion yen, and operating income increased 12.7 per cent, to 24.8 billion yen. Both Japanese OE and replacement tyre sales posted gains in both in unit volume and in value. According to Yokohma, those gains reflected a surge in demand in advance of the April hike in Japan’s national sales tax; growth in sales of snow tyres, stimulated by heavy snowfall; and stepped-up promotion of Yokohama’s BluEarth line of fuel-saving tyres. Without giving further details company representatives explained that sales growth overseas included gains in China and in Europe.
In Yokohama’s industrial products operations, nine-month sales increased 4.3 per cent over the same period of the previous year, to 73.4 billion yen, and operating income declined 7.6 per cent, to 5.0 billion yen.
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