Toyo operating profits fall, despite record sales

Osaka, Japan - Toyo Tire & Rubber Co. Ltd. said rising raw materials costs forced down its operating income by 30 percent for the year ended March 31, although sales hit a record $2740 million.

The world´s 11th-largest tyre maker reported operating earnings of $80.1 million on 6.7-percent higher sales. Net income improved 11.8 percent to $51.4 million, caused in part to one-time gains from the sale of a shopping centre leasing business, the company said.

For the current fiscal year, Toyo is forecasting a double-digit rebound in earnings and 8.9-percent growth in sales.

From Rubber & Plastics News (A Crain publication)