Kinugawa Rubber posts healthy 9-month results

ERJ staff report (DS)

Tokyo -- Kinugawa Rubber has posted healthy results for the nine months ended December 2008. Nevertheless, the company warns of difficult times ahead.

The company reported sales up by around 4.5 percent to Yen 50 073 million (Euro 430 million), while operating profits surged to Yen2669 million (euro 22.9 million) from Yen 1462 million a year ago. Net profit stood at yen 1513 million, more than double the yen 618 million recorded a year ago.

In the most recent quarter, the company said it gained orders in Japan, which helped increase revenues by 6.5 percent year on year. In North America, however, the downturn saw revenues decline by 23.8 percent . Sales decreased in Taiwan, while the Thai subsidiary did especially well with shipments to China.

The company said sales for the full year would be around yen 57 000 million, a reduction from the yen 68 000 million previously forecast. Operating profits are now expected to be Yen 2000 million, rather than yen 4200 million.

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Press release from Kinugawa Rubber