Tokai Rubber falls into red for 3 months ended June 2009

ERJ staff report (DS)

Tokyo-- Tokai Rubber Industries Ltd (the parent) reported sales down by 44 percent for the 3 months ended 30 June, 2009, and is forecasting a loss for the full year. Tokai Rubber makes and sells antivibration solutions to the automotive industry.

Sales for the three months amounted to yen 44 017 million (euro 327 million), down by 44 percent on the same period a year ago. The company expects sales in the six months to 30 Sep 2009 to be  yen 94 000 million. Sales for the full year are expected to be yen 202 000 million.

Following the decline in sales, Tokai expects to report a loss in each of the periods. In the most recent 3 months, operating loss was yen 1940 million, reversing a profit of yen 6100 million a year previously. The forecast for the current year is a loss of yen 2800 million, with yen 4000 million lost in the first half, with a recovery forecast for the second half.

In terms of net profit, Tokai recorded a loss of yen 1520 million for the most recent period, compared with a profit of yen 3220 million a year ago. The company expects a loss of yen 3500 million in the first half, improving to to yen 3200 million for the full year ended March 2010.

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Reuters report

Press release from Tokai (Japanese language)