Cooper profits down, even after sales increase
A faultering US tyre market contributed to poor second quarter results for Cooper Tire & Rubber Co. The tyre-maker saw second quarter net income of just $12 million, down nearly 38 per cent year-on-year, against sales of $922 million, up 15 per cent from the second quarter of 2010. For the entire first half, Cooper posted sales of $1.83 billion, up from $1.56 billion for the same period last year. Net income, however, came to $32.9 million, down considerably YoY from $67.3 million.