Sumitomo's earnings down, sales up 6.7%

ERJ staff report (R&PN)

Kobe, Japan -- Sumitomo Rubber Industries Ltd. suffered drops in operating and net income for the six months ended June 30 as sales rose 6.7 percent to yen 299,716 million ($3.7 billion).

Operating and net income for the period fell 2.8 and 14.4 percent, respectively, to yen 19,779 million ($244.2 million) and yen 8936 million ( $110.3 million).

Sumitomo did not comment on its performance during the period. Results were released in a quarterly “Flash Report” without commentary.

The firm's tire segment reported 17.2-percent better operating income of yen 18,008 million ($222.4 million) on 10-percent higher sales of yen 257,734 millin ($3.18 billion).

Calculating the firm's second quarter performance shows operating income down slightly and net income up slightly on 5.4-percent higher sales. The half-year results echo the firm's first-quarter report, when Sumitomo's operating and net income dropped on higher sales.

Sumitomo did not disclose sales and earnings by geographic region.

From Rubber & Plastics News (A Crain publication)

'Flash Report' from SRI