Toyo reports 1H 2015 net loss

Publishing its first half 2015 financial results, Toyo Tire and Rubber has reported net sales of 194,402 million yen (£999.314 million; 1.408 billion euros; US$1.556 billion), an increase of 7,080 million yen or 3.8 per cent from the same period in 2014. This resulted in a net loss of 4,156 million yen (£21.365 million; 30.116 million; $33.268 million) compared with 15,269 million yen profit in the same part of 2014.

The tyre business unit posted net sales of 154,223 million yen (up 4.7 per cent on 2014) and operating income of 26,615 million yen (up 33.7 per cent on 2014).

Domestic unit sales remained at the same level as the year-ago period, but due to a decline in the composition ratio of high-value-added products, net sales declined compared with the same period last year.

According to the company, replacement sales increased compared with the same period last year In Europe, unit sales and net sales declined compared with the previous same period from due to the influence of slipping economy.