Sumitomo in the black in Q3 despite sales decline

ERJ staff report (TB)

Kobe, Japan -- Sumitomo Rubber Industries Ltd. reported operating and net profits for the quarter ended Sept. 30 despite a 16.6-percent sales drop.

Sumitomo was $77.8 million in the black on an operating basis and $54.7 million on a net basis, according to the firm's third quarter financial figures. Sales fell to $1.41 billion.

Sumitomo did not comment on the figures, released on the firm's Web site.

For the nine-month period, SRI reported a $179.7 million net loss and a 45.8-percent increase in operating income to $109.7 million. Sales were off 18.3 percent to $3.96 billion.

SRI's tyre division reported operating profits of $50 million and $76.7 million for the quarter and nine months. Tire unit sales fell 17.2 and 18.3 percent, respectively, for the quarter and nine months to $1.18 billion and $3.25 billion.

Sales in North America fell 17.8 percent in the quarter to $199.6 million and 19.2 percent for the nine months to $611 million.

From Tire Business (A Crain publication)