Sumitomo doubles net income on 15% higher sales

ERJ staff report (TB)

KOBE, Japan (Feb. 14, 2011) - Sumitomo Rubber Industries Ltd. (SRI) more than doubled its net income last year to $244 million on 15.3-percent better sales.

Sumitomo, which sells the Sumitomo and Falken brands worldwide and controls the Dunlop brand in Japan and selected Asian markets, reported 65.5-percent higher operating income of $541.6 million as sales reached $6.88 billion.

The company did not comment on the reasons for its improvements, contained in a “flash report” issued by the firm's investor relations department.

SRI's tire segment reported 75.1-percent higher operating income of $448.7 million on 18.5-percent better sales of $5.85 billion. The income/sales ratio improved more than two percentage points to 7.7 percent.

Tire segment capital spending was up 3.2 percent to $352.7 million.

SRI's sales in North America grew 9.3 percent to $927.9 million.

From Tire Business (A Crain publication)

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