Bridgestone profit up in H1 2023 despite weakness in Europe

Bridgestone Corporation improved its sales and profit in the second quarter, contributing to H1 2023 revenue of 2.10 trillion yen (£11.52 billion, US$14.68 billion), up 11.4 per cent year-on-year. Operating profit increased 15.3 per cent in the first half of the year, to 238.30 billion yen (£1.31 billion, $1.66 billion), even without the EMIA region contributing to this overall positive development. Profit margin increased 0.3 percentage points in H1 2023, to 11.3 per cent.

Weak foundations in Europe

Although sales in the EMIA region, which includes Europe, increased 6.8 per cent year-on-year, operating profit dropped 61.5 per cent. The resultant H1 2023 profit margin for EMIA was just 3.3 per cent, compared to 9.2 per cent in the same period last year.

Bridgestone also expresses “concerns over the business environment” it expects to encounter in Europe in the second half of the year. The company anticipates a “further deterioration of the environment for the European market,” and goes further by conceding that “Bridgestone also has weakness in business foundations in Europe.”

In spite of its position in Europe, Bridgestone managed to boost its half-year profit, which amounted to 183.30 billion yen (£1.00 billion, $1.28 billion), by 55.9 percent.