Yokohama raises H1 2017 projections

Yokohama Rubber has revised its projections for interim sales and earnings for the first half of 2017. These latest projections replace those announced on 20 February. The company’s projection for net sales has increased 3.3 per cent to 310.0 billion yen (£2.1 billion), the projection for operating income has been increased 28.6 per cent to 18.0 billion yen (£123.4 million), and the projection for profit attributable to owners has been pushed 46.7 per cent upwards to 11.0 billion yen (£75.4 million).

These upward revisions were made in response to strong sales in the Japanese replacement tyre market and in the Chinese and Russian tyre markets, as well as due to a weakening of the yen. Those positive factors more than offset the adverse effects higher raw material prices.

In regard to the full fiscal year, Yokohama is reviewing its projections in light of a number of variables, such as trends in demand, raw material prices, and currency exchange rates. The company states it will announce any revisions in its full-year projections “if and when management deems such revisions to be appropriate.”