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Stamford Tyres: Profit more than trebled in FY2017

Singapore-based tyre distributor Stamford Tyres Corporation Limited has reported a 213.6 percent year-on-year increase in net profit for the 2017 financial year, which ended on 30 April 2017; compared with 2015, net profit last year was up 376.5 per cent. This profit of S$8.1 million (£4.6 million) was accompanied by a gross margin of 26.2 per cent, up from 24.7 per cent in 2016 and 22.1 per cent in 2014. Total revenue for 2017 was $235.8 million (£133.1 million), 1.7 per cent lower than the previous year. Revenue derived from the distribution of tyres and wheels accounted for 87.2 per cent of total revenue while wheel manufacturing accounted for 12.8 per cent.

11th August 2017/by Tyrepress Editors

Yokohama Rubber: Sales and earnings up in H1 2017

Yokohama Rubber delivered its shareholders good news today upon reporting a 38.7 per cent year-on-year increase in profit attributable to owners of parent in the first half of 2017, with profit amounting to 11.4 billion yen (£79.8 million). Operating income during the six months to 30 June rose 16.8 per cent to 18.4 billion yen (£128.8 million), while net sales increased 15.9 per cent to 310.8 billion yen (£2.2 billion).

10th August 2017/by Tyrepress Editors

SRI: Tyre income down 36% in Q2 2017

For the second quarter of 2017, Sumitomo Rubber Industries has reported sales of 403,777 million yen (£2.8 billion), a 12.4 per cent year-on-year increase. Operating income during the three months to 30 June declined 27.1 per cent to 21,236 million yen (£147.0 million), while net income, at 12,429 million yen (£86.0 million), was down 31.0 per cent year-on-year.

8th August 2017/by Tyrepress Editors

Kumho Tire profits drop 26% in Q2 2017

Decreased demand from major markets has caused led to lower net profit at Kumho Tire in the second quarter of the year. Yonhap News reports that in the three months to 30 June, the South Korean tyre maker achieved consolidated net profits of Krw 195 billion (£132.5 million), 26.4 per cent less than a year earlier. Operating profit fell 34.4 per cent year-on-year to Krw 204 billion (£138.6 million).

8th August 2017/by Tyrepress Editors

Cooper Tire & Rubber: Sales stable, net income down 37% in Q2 2017

While unit volumes and net sales at Cooper Tire & Rubber remained little unchanged compared with the second quarter of last year, rising raw material costs ensured that income was significantly down in the three months to 30 June 2017. And although raw material costs are rescinding from the peaks seen earlier in the year, the tyre maker is keeping an eye out for further fluctuations.

8th August 2017/by Tyrepress Editors

Cooper Tire & Rubber: Sales stable, net income down 37% in Q2 2017

While unit volumes and net sales at Cooper Tire & Rubber remained little unchanged compared with the second quarter of last year, rising raw material costs ensured that income was significantly down in the three months to 30 June 2017. And although raw material costs are rescinding from the peaks seen earlier in the year, the tyre maker is keeping an eye out for further fluctuations.

8th August 2017/by Tyrepress Editors

Apollo Tyres: Raw material prices drags profit down 72%

Company News, International News

High raw material prices strongly influenced the bottom line at Apollo Tyres Ltd in the three months to 30 June 2017. Although net sales, at Rs 32.58 billion (£391.0 million), were in line with those achieved in the corresponding quarter a year earlier, operating profit declined 50.3 per cent to Rs 2.82 billion (£33.8 million) and net profit was down 72.0 per cent to Rs 880.3 million (£10.6 million).

7th August 2017/by Tyrepress Editors

Ceat Ltd: Profit drops 99%

Company News, International News

Despite revenues remaining relatively stable, Ceat Limited endured a massive drop in net profit in the first quarter of its financial year. Consolidated net revenues declined 0.7 per cent year-on-year to Rs 14.6 billion (£175.2 million), while the Indian tyre maker reported a 70.4 per cent per cent decline in EBITA to Rs 580 million (£7.0 million) and shrinkage of the margin from 13.3 per cent to 4.0 per cent. Profit after tax plummeted 99.0 per cent from Rs 1.03 billion (£1.2 million) to Rs 10 million (£120,000).

7th August 2017/by Tyrepress Editors

MRF Ltd: Q2 2017 profit down 78%

International News

Although its total income rose 2.7 per cent year-on-year in the second quarter of the year, to Rs 40.1 billion (£480.8 million), MRF Limited reported a substantial drop in profit during the three months to 30 June 2017. The India tyre maker’s profit declined 77.9 per cent to Rs 1.1 billion (£12.7 million) due to a 21.0 per cent year-on-year rise in expenses, to Rs 39.2 billion.

7th August 2017/by Tyrepress Editors

Working through the downturn: Titan International increases net sales, reports $6.5 million loss

The year-on-year gain in net sales seen at Titan International in the opening quarter of this year has continued in the second. For the three months to 30 June 2017, the manufacturer of off-highway tyres, wheels, assemblies and undercarriage products reports net sales of US$364.4 million, an increase of 10.4 per cent on the second quarter of 2016. Net sales for the first half of the year amount to $721.9 million, up 10.7 per cent from a year earlier.

4th August 2017/by Tyrepress Editors

Continental net income down: Raw material costs deflate tyre-related earnings

Although sales rose, sharp increases in raw material costs held back earnings within Continental’s Tire and ContiTech divisions in the first half of 2017. Reporting the company’s first half and second quarter results, Executive Board chairman Dr Elmar Degenhart shared that despite a 9.4 per cent year-on-year increase in sales during the six months to 30 June, to 8.6 billion euros, these costs impacted the Continental Rubber Group’s earnings by some 300 million euros. Rubber Group EBIT dropped 11.2 per cent to 1.2 billion euros in the first half of the year and the margin contracted from 17.7 per cent to 14.4 per cent.

3rd August 2017/by Tyrepress Editors

Goodyear: Sales, income down again in Q2 2017

A combination of raw material cost volatility, a challenging competitive environment and weakening demand in certain segments and markets have resulted in another quarter of lower net sales and income for Goodyear Tire & Rubber. In the three months to 30 June 2017, net sales declined 5.0 per cent to US$3.69 billion while operating income was down 32.0 per cent to $361 million. Net income dropped 26.7 per cent to $147 million ($0.58 per share), with adjusted net income amounting to $177 million ($0.70 per share), down 43.6 per cent from a year earlier.

2nd August 2017/by Tyrepress Editors

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).

28th July 2017/by Tyrepress Editors

Michelin: Sales up 7.5% in H1 2017

During the first half of the year, Michelin increased both sales and net income on the back of higher volumes. Net sales were up 7.5 per cent to 11.1 billion euros in the six months to 30 June, and while operating income declined 0.8 per cent year-on-year to 1.4 billion euros (with the margin down 1.1 per cent to 12.6 per cent), the tyre maker described this result as “stable and in line with the Group’s roadmap.” Net income rose 12.2 per cent to 863 million euros.

27th July 2017/by Tyrepress Editors

Turnover & profit down, yet Goodyear Dunlop UK sees opportunities for growth

Company News, UK News

In a year that saw production end at its Wolverhampton site and a fire seriously damage the TyreFort head office building, Goodyear Dunlop Tyres UK Limited experienced lower turnover and profit compared with the year before. Yet while these 2016 results broke no records, the tyre maker remains confident that “the United Kingdom and Ireland market offers segments of profitable growth opportunities that play to the company’s strengths.”

6th July 2017/by Tyrepress Editors