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Kumho Tire Reports Drop in Q1 profit

South Korea’s Kumho Tire Co. said today its net profit dropped 4.52 per cent in the first quarter from the previous year. Between January and March, net profit amounted to 14.92 billion won (£9 million), compared to 15.63 billion won a year earlier, said the company. Operating profit plunged 41.85 per cent to 25.39 billion won (£15.3 million) from 43.66 billion won a year ago, and revenue inched down 0.1 per cent to 428.52 billion won (£258.4 million) from 428.09 billion won, the tyre maker said.

25th April 2006/by Tyrepress Editors

Analysts Predict Higher Sumitomo OP than Management

Deutsche Bank analysts are more optimistic than the management when it comes to predicting future results. The analysts forecast that Sumitomo will achieve 13 per cent more operating profit than the management predicts. “Working off our new…forecasts and historical 12-month valuations we lower our target price from 1,700 yen to 1,500 yen but maintain our Hold rating,” the report commented. “However, we still think it may only just sustain single-digit profit growth given the significant pull impact of rising input costs,” they added.

22nd February 2006/by Tyrepress Editors

35 per cent OP Increase at Conti – Analysts Predict

Deutsche Bank analysts are predicting that Continental’s operating profit will increase by as much as 35 per cent in the company’s fourth quarter results. They expect sales to reach 3,610 million euros, up 4.5 per cent on the same period last year. Deutsche Bank predicts profits will peak at 431 million euros, up 35 per cent against the market consensus of 390 million euros. This is put down to the reduction of exceptional charges levelled at the company – last year this reached 100 million euros in the fourth quarter.

22nd February 2006/by Tyrepress Editors

9-month Earnings Up at Yokohama

Yokohama Rubber Co., Ltd., has posted a 19.1 per cent increase in operating income, to 20.9 billion yen (£141.5 million), in the nine month period ended 31 December. Sales growth, cost-cutting measures, and the weakening of the yen against the dollar reportedly “more than offset increased raw-material costs.”

10th February 2006/by Tyrepress Editors

Amtel Confirms Krasnoyarsk Plant Sale

Amtel-Vredestein NV has confirmed that it has sold its Krasnoyarsk tyre complex to a Russian company, Vostokshinainvest. The company previously disclosed its intent to dispose of the facility in an announcement on 22 December 2005. The Krasnoyarsk plant is a Soviet-era facility that primarily produces truck, agricultural and “C” segment tyres which do not fit the company’s current strategy of focusing on the production and marketing of high-margin A and B-segment tyres used on premium and mid-range passenger vehicles.

30th January 2006/by Tyrepress Editors

JK Industries Back in the Black

JK Industries Ltd, the manufacturer behind the JK Tyre and Vikrant brands, recorded a turnover of 6.52 billion rupees (£83 million) between October and December 2005, a 30 per cent increase over the corresponding quarter of the previous year.

The quarter-end results also showed that the company’s Operating Profit (EBIDTA) has increased 100 per cent to 380 million rupees and the Profit Before Tax also registered an increase at 48.2 million rupees against a loss of 49.3 million rupees in the corresponding quarter of the previous year. Net profit was up at 24.7 million rupees against loss of 92 million rupees during the same period year ago.

23rd January 2006/by Tyrepress Editors

Michelin Sales Volume Dips

Michelin’s 2005 sales volume growth will be negative for only the second time in 10 years, Deutsche Bank analysts have reported. However, despite this seemingly negative news, the management is said to be aiming for “at least stable” operating profit margins, compared with 2004 (8.7 per cent).

7th December 2005/by Tyrepress Editors

Trelleborg Wheel Systems’ 3Q Results

During the third quarter 2005 Trelleborg experienced a strong trend in both agricultural and industrial tyre sales. Between January and September sales rose by 12 per cent compared with 2004 totalling 721 million Swedish Krona. Operating profit rose by slightly more than 40 per cent compared with the previous year, amounting to 55 million Krona. Trelleborg puts this down to increased sales volumes, new OEM customers, favourable product mix and high utilisation of capacity. Price increases were said to have offset increased raw material costs.

4th November 2005/by Tyrepress Editors

Apollo Tyres Net Profit up 25 per cent

A lower excise duty and a higher operating profit helped Apollo Tyres Ltd achieve a 25.48 per cent increase in earnings during the third quarter of 2005 (July-September) compared with same period last year. The company has declared a net profit of 180.6 million rupees (£2.26 million) for the quarter ended 30 September 2005 against 148.7 million rupees a year ago. Net sales grew marginally year-on-year from 6 billion rupees to 6.32 billion rupees in the reporting quarter, operating profit rose to 600 million rupees from 465.4 million.

2nd November 2005/by Tyrepress Editors

BERU Achieves Double Digit Quarterly Revenue Growth

Beru AG’s preliminary first quarter figures show the company increased its total sales revenues in the first quarter by 14.5 per cent to 97.9 million euros. The company attributed the strong first quarter results to new product “start-ups” in the core division of Diesel Cold Start Technology and in the youngest division of Electronics and Sensor Technology, which includes TPMS sensors.

According to executive board chairman, Marco von Maltzan, the group now plans to achieve growth in sales revenues at a high single-digit percentages in its current financial year. The goal is for operating profit (EBIT) to increase at the same rate as sales revenues. Beru considers itself well positioned with its strong product pipeline, but expects weaker growth in the coming quarters in view of only moderate growth in demand for automobiles combined with an increasingly competitive environment and more aggressive pricing.

19th August 2005/by Tyrepress Editors

Sumitomo Rubber Reports ‘Firm’ Earnings

Sumitomo figures for the half-year ended 30 June 2005 show that net sales amounted to 230.6 billion yen (£1.15 billion) as opposed to 216 billion last year. During the same period operating income increased from 17 billion yen (£87 million) in the first half of 2004 to 20.6 billion yen (£103 billion).

Market analysts from Deutsche Bank described the results as ‘firm’ and increased their sales forecasts. “We leave our operating forecast unchanged, as we believe the company can offset rising material prices through tyre price increases, product mix improvement, and expanded production volumes,” said Deutsche Bank representatives adding: “Management remained conservative, leaving its full-year forecasts unchanged, suggesting that an upward revision is probable at some stage. We forecast 10 per cent operating profit growth in the 2006 full year, as further price rises and output expansion offset a range of cost increases.”

16th August 2005/by Tyrepress Editors

Michelin Cash Flow Too Slow

In the last few days Michelin’s share price has fallen four per cent, prompting analysts to ask questions about the manufacturer’s cash flow. Deutsche Bank analysts discount suggestions that natural rubber price increases are the main reason for the drop in share price. Instead they agree with bearish predictions that despite 9.2 per cent operating profit margin in 2005, the company isn’t generating enough cash flow. However, future labour cost savings coupled with lower capital expenditure will boost free cash flow generation in the next 2-3 years, the analysts believe.

6th July 2005/by Tyrepress Editors

Bridgestone 2005 OP Down 9 per cent

Bridgestone Corp is likely to post less of a drop in 2005 group operating profit than it expected. Reports in the Nihon Keizai newspaper say the improved figures have been assisted by robust sales of high-value-added products worldwide. The reports suggest Bridgestone will publish operating profit of just over 180 billion yen ($1.61 billion), down some 9 per cent from a year earlier. In February, the company estimated that its group operating profit would fall 14 per cent to 170 billion yen. Both figures look conservative compared with the Reuters Estimates consensus, which puts the figure nearer 195 billion yen.

4th July 2005/by Tyrepress Editors

Yaroslavl Reports Operating Results

JSC Yaroslavsky Tire Works in Yaroslavl’, one of Russia’s largest tyre manufacturers and a part of Sibur holding, has released full-year 2004 and first quarter 2005 financials. The results show that, once again, although the company’s output dropped its profitability has actually increased. 2004 sales fell 30 per cent year-on-year to $95 million, while operating profit dropped 17 per cent to $2.5 million.

7th June 2005/by Tyrepress Editors

Hankook Profits Up

Hankook Tire has released its first-quarter figures showing a 3.5 per cent increase in net profit. Its profits now stand at 56.6 billion won (£30.5 million).
Operating profit, however, edged down 2.4 per cent to 68.3 billion won, (£36.8 million). Sales rose 6.3 per cent to 475.6 billion won (£256 million).

16th May 2005/by Tyrepress Editors