Loss in tyres pushes Sumitomo into the red in first half

ERJ staff report (TB)

Kobe, Japan -- Sumitomo Rubber Industries Ltd. (SRI) fell $72.2 million into the red in the six months to 30 June 2009 as sales fell 19.2 percent to yen 229 740 million (euro 1700 million).

SRI's operating income fell 79.8 percent to yen 2873 million , or 1.2 percent of sales. A year ago the operating ratio was 4.2 percent.

Sumitomo did not comment on its results or provide forecasts for the rest of the year.

The company's domestic business fared marginally worse than the international activities, with sales down 26.5 percent.

SRI's tire division fell yen 2394 million into red on an operating basis as sales fell 19 percent to yen 186 300 million .

SRI's sports good segment and its industrial rubber goods segment both made a profit in the period.

From Tire Business Rubber & Plastics News Automotive News (A Crain publication)

results statement from SRI