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Sumitomo 9-month income slightly down

For the nine months from 1 January to 30 January 2011, Sumitomo Rubber Industries has reported net sales of 467.6 billion yen (£3.8 billion), a year on year-increase of 10.1 per cent. Sales in the third quarter alone amounted to 167.9 billion yen (£1.4 billion). Operating income for the nine month period totaled 29.4 billion yen (£238.2 million), a 2.5 per cent year-on-year improvement, while operating income in the third quarter came to 9.6 billion yen (£77.8 million). Net income between January and September was 13.7 billion yen (£111.4 million, 2.2 per cent lower than in the corresponding period of 2010, while net income for the most recent quarter totaled 4.8 billion yen (£38.9 million).

15th November 2011/by Tyrepress Editors

Yokohama’s bottom line hit in H1 2011

Although enjoying an 8.4 per cent increase in sales to 258.2 billion yen (£2.1 billion) in the six months to September 30, 2011, Yokohama Rubber experienced a decline in both operating and net income during this period. The company says rising raw material costs, an appreciating yen and an increase in selling, general and administrative expenses were chiefly responsible for the decline in operating income, which fell 8.3 per cent to 7.6 billion yen (£61.2 million) year-on-year between April 1 and September 30. These factors in turn led to net income falling 75.8 per cent to 294 million yen (£2.4 million). Yokohama notes however, that its actual operating income figure was 26.7 per cent higher than its earlier projection of 6.0 billion yen, the better result being achieved thanks to increased product selling prices and cost cutting measures.Net sales during the second quarter of the current financial year, between July 1 and September 30, 2011, increased 6.6 per cent to 128.8 billion yen (£1.0 billion). In this three month period operating income actually increased by 45.7 per cent, to 3.4 billion yen (£27.8 million), however second quarter net loss grew substantially year-on-year, from 222 million yen to 2.5 billion yen (£20.4 million).

14th November 2011/by Tyrepress Editors

Bridgestone Q3 punctuated by growth

Results for the third quarter of 2011 show across the board year-on-year improvements at Bridgestone. During the June to September period, the Japanese company achieved sales of 775.3 billion yen (£6.2 billion), a 9.9 per cent improvement over the same three months of 2010. Operating income reached 49.7 billion yen (£396.9 million) in the quarter, reflecting year-on-year growth of 42.4 per cent, while operating profit margin rose from 4.9 per cent to 6.4 per cent. Net income, at 27.8 billion yen (£222.0 million), was up 25.2 per cent compared with the third quarter of 2010.

8th November 2011/by Tyrepress Editors

SRI profits down 16.7% in Jan-Mar quarter

Consolidated quarterly figures for Sumitomo Rubber Industries show the Japanese manufacturer to have earned 145,072 million yen (£1.1 billion) in net sales during the three months to March 31, 2011, a year-on-year increase of 8.2 per cent. Tyre sales accounted for 85.7 per cent per cent of this total, or 124,316 million yen (£942.5 million), a rise of 11.4 per cent compared with the corresponding quarter of 2010. Yet although sales were up during the quarter, operating income was down 0.6 per cent to 9,711 million yen (£73.6 million) and net income decreased 16.7 per cent to 4,242 million yen (£32.2 million). Operating income for the company’s tyre business was 8,465 million yen (£64.2 million) a year-on-year increase of 17.4 per cent.

11th May 2011/by Tyrepress Editors

Gajah Tunggal joins Indonesia’s LQ45 stock index

The Indonesia Stock Exchange reports that tyre maker PT Gajah Tunggal Tbk has been added to its LQ45 list as of February 2011. The list recognises 45 companies that have fulfilled a number of criteria, including highest market capitalisation within the last 12 months and highest transaction value in a regular market during the same timeframe. The company’s market growth has also been witnessed in its 2010 financials; for the first time, Indonesia’s largest tyre manufacturer exceeded US$1 billion in net sales.

2nd February 2011/by Tyrepress Editors

Toyo Increases European Tyre Sales 12% in H1, 2010

Toyo Tire & Rubber reports a global 9.0 per cent increase in tyre sales volumes during the first half of the 2010 financial year, with European sales volumes surging 12.0 per cent. In total, the company produced 88,900 tonnes of tyres during this six-month period until September 30, 76,200 of this in Japan. Net sales within the half-year reached 143,431 million yen (£1.1 billion), 10.7 per cent above the corresponding six months of 2009. This improvement, Toyo notes, has occurred due to a recovery in demand. During the quarter between July 1 and September 30 Toyo reported net sales of 71,269 million yen (£546,4 million).

9th November 2010/by Tyrepress Editors

Gajah Tunggal Boosts Profits with Increased Sales, Reduced Expenses

Indonesian tyre manufacturer Gajah Tunggal has increased its nine-month operating income (981.3 billion Indonesian rupiahs; £68.6 million) and net income (664.2 billion IDR; £46.4 million) by 29.4 and 10.7 per cent respectively on the back of rising sales in domestic and export sales during 2010’s first three quarters. A report by Bisnis Indonesia said the country’s largest tyre producer scored particularly high sales in the USA, which have risen 42.5 per cent to total 840.7 billion IDR.

1st November 2010/by Tyrepress Editors

Sumitomo Sales Surpass £2 Billion in H1, 2010

Half year results for Sumitomo Rubber Industries show net sales increasing 22.2 per cent to 280,797 million yen (£2.1 billion). During this six month period to June 30, 2010 operating income amounted to 20,342 million yen (£151.4 million), representing a margin of 7.2 per cent. Net income was 10,438 million yen (£78.1 million) as opposed to a 6,892 million yen a year earlier and represented a margin of 3.7 per cent.

13th August 2010/by Tyrepress Editors

MRF Quarter Profits Halved Year-on-Year

India’s MRF Ltd reports net sales of Rs 19,254 million (£258.2 million) in the quarter ended June 30, 2010, an increase of 33.9 per cent compared with the same period last year. The tyre maker recorded an operating profit margin of 9.07 per cent, down from 18.09 per cent, and a net profit margin of 3.20 per cent, down from 8.74 per cent. Net profit in the quarter to June 30 amounted to Rs 615.90 million (£8.3 million) a drop of 51.0 per cent.

9th August 2010/by Tyrepress Editors

Strong Sales Push Cooper to Strong First Half

Cooper Tire & Rubber Co. continued its strong 2010, posting a 27 per cent increase in sales for the second quarter and a $57 million improvement in net income for the period, reports Tire Review. Cooper posted second quarter sales of $804 million. Net income for the period came in at $44 million, up $57 million versus the same period in 2009.

5th August 2010/by Tyrepress Editors

JK Tyre FY2009 Sales & Profits "Highest Ever"

For the year ended March 31, 2010, JK Tyre & Industries reports consolidated net sales of Rs 45,706 million (₤672.2 million). A comparison with the previous financial period is not possible, notes the tyre maker, as the fiscal period ending March 31, 2009 was an 18-month period. Net profit for the year to March 31, 2010 stands at Rs 2,197 million (₤32.3 million). JK Tyre & Industries comments that its sales and profits for the year “are the highest ever, despite disruption of operations at Kankroli Tyre Plant, Rajasthan for three months owing to [an] illegal strike by workmen during the year.” Revenue from the company’s operations in India amounted to Rs 36,777 million (₤540.8 million) while those in Mexico came to Rs 8,934 million (₤131.5 million).

28th May 2010/by Tyrepress Editors

Sales Down, Income Up at Yokohama Rubber

The short-lived dip in raw material costs the industry experienced in 2009 helped Yokohama Rubber towards a better bottom line result in the recently concluded financial year. The company has announced net earnings of 11.5 billion yen (₤83.5 million) for the fiscal year ended March 31, 2010. This gain compares with a net loss of 5.7 billion yen in the previous fiscal year and reflects a surge in operating profitability. Operating income rose 67.5 per cent, to 21.5 billion yen (£156.1), on a 9.8 per cent decline in net sales, to 466.4 billion yen (₤3.4 billion). Underlying Yokohama’s surge in operating income were the abovementioned reversal of the upward trend in raw material costs and the company’s progress in reducing selling expenses and other costs. Net profitability benefited additionally, meanwhile, from a sharp reduction in losses on currency translation adjustments.

12th May 2010/by Tyrepress Editors

Agri OE Sector Weakness Affect Trelleborg Tyre Sales

Speaking on Trelleborg AG’s performance during the first three months of the year, company president and CEO Peter Nilsson stated “the first quarter of 2010 is showing that we are building a stronger Trelleborg and that we are constantly moving towards growing and profitable segments The implemented action programmes continue to give positive effects and we are gradually growing in to a more efficient structure.”

20th April 2010/by Tyrepress Editors

Improved Q4 Points to Growing Volumes for Rhodia Silcea

Rhodia Silcea has reported a 16 per cent drop in net sales volume during 2009 to 635 million euros, with the first half of the year marked by the global crisis and ensuing de-stocking in the automotive and several other sectors. By the second half, however, volumes began to recover, driven, says Rhodia, by demand in emerging markets and the dynamics of the automotive industry. During the fourth quarter of 2009, the business was able to report sequential volume recovery due to an improved business trend in all segments. Volumes increased by 19 per cent compared to the final quarter of 2008, to 177 million euros.

24th February 2010/by Tyrepress Editors

Sumitomo Reports Ninefold Increase in Net Income

Sumitomo Rubber Industries’ consolidated financial results for the year ended December 31, 2009 show the company to have earned net sales of 524,534 million yen (₤3.71 billion) during the year, a decrease of 13.3 per cent on the previous year. From this, the company’s total tyre segment sales amounted to 433,471 million yen (₤3.07 billion), or 82.64 per cent of all sales. Company operating income, at 28,738 million yen (₤203.40 million), was 12 per cent higher than during the 2008 financial year, while net income, at 9,093 million yen (₤64.36 million), was some nine times greater than the previous year’s result.

15th February 2010/by Tyrepress Editors