Yokohama Rubber Sales Increase 10.1%
The Yokohama Rubber Co., Ltd., announced on May 10 that its net sales had risen 10.1 per cent to 497.4 billion yen (£2.083 billion) in the fiscal year ended March 31, 2007. This sales total is the company’s highest ever, with sales growth resulting from unit sales gains and from a weaker yen, adding yen value to sales generated outside of Japan. The main increase in sales was seen in the company’s Tire Group and Multiple Business (diversified products) Group.
Operating income dropped by 4 per cent to 21.1 billion yen (£83.4 million), a figure the company has attributed to increases in raw material costs outpacing increases in net sales, and net income declined by 23.7 per cent to 16.4 billion yen (£68.7 million). This drop in net income reflected a tax benefit recorded in the previous year in connection with earlier write-downs of equity in a US subsidiary.