Yokohama's sales, earnings fall in first half

ERJ staff report (DS)

Tokyo-The Yokohama Rubber Co., Ltd., said sales in the six months to 30 September 2009 declined 21.3 percent to 202,000 million yen (euro 1500 million) compared with the same period of the previous fiscal year.

Yokohama saw an operating loss of 2400 million yen for the six months, compared with operating income of 5600 million yen in the first half of the previous fiscal year. The net loss was 3900 million yen, compared with interim net income of 554 yen million in the previous fiscal year.

Profitability suffered from the decline in sales and, especially in tyres and in high-pressure hoses, from deteriorating productivity caused by reduced unit sales volume. Profitability also suffered from the appreciation of the yen against the US dollar and the euro.

In Yokohama's Tire Group, sales declined 19.5 percent from the first half of the previous fiscal year, to 156 000 million yen, and the group posted an operating loss of 2500 million yen, compared with operating income of 3200 million yen in the previous first half.

Sales in Yokohama's Multiple Business Group declined 26.7 percent from the first half of the previous fiscal year, to 46 000 million yen, and the group posted a 93.6 percent decline in operating income, to 174 million yen.

Yokohama said the downturns in profitability in the Tire Group and in the Multiple Business Group reflected the declines in sales, declines in capacity utilisation rates, and the appreciation of the yen.

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Press release from Yokohama