Yokohama lowers fiscal forecast again

Tire Business staff report

Tokyo - Yokohama Rubber Co. Ltd. (YRC) has again lowered its sales and earnings projections for the fiscal year ending 31 March, citing a “worse than expected” deterioration in world demand.

YRC expects its net loss to hit $82 million (Euro 61 million), or roughly 12.5 percent worse than the loss projected in late January. By contrast, YRC reported $185 million in net income in fiscal 2008.

Operating income is projected at $118 million or 18 percent lower than the late January forecast and 65.3 percent lower than last year.

The latest sales forecast of $5.3 billion is 0.6 percent lower than the January projection and 5.7 percent lower than the fiscal 2008 figure.

Yokohama said profitability is suffering from the decline in net sales and from production adjustments necessitated by declines in unit sales volume.

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Staff report from Tire Business