Yokohama profits up 74% in Q1
The first quarter of the 2011 financial year saw Yokohama Rubber’s net income shoot up 74 per cent year-on-year to 2,822 million yen (£22.6 million). This sizable increase in income was driven by a 10.2 per cent increase in net sales in the three months to June 30; the company reports net sales of 129,394 million yen (£1.0 billion) during the quarter. This sales increase came mainly through the company’s tyre business, Yokohama Rubber notes. Operating income during the quarter was 4,140 million yen (£33.1 million), a 29.9 per cent decrease.