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Toyo's net profits fell on marginal sales increase
Administrator Mon Jul 11, 2011 2:09 pm
Toyo's net profits fell on marginal sales increase
08 July 2011
Osaka, Japan -- Toyo Tire & Rubber said operating profits for the 12 months to 31 March 2011 increased by 40 percent on a sales increase of just 2 percent. However, net profits fell by over 80 percent on the previous year.
Toyo said consolidated net sales reached yen 294,092 million (euro 2520 million), an increase of yen 6,366 million, or 2.2 percent compared to the same period in the previous year.
Operating Income increased by 40.6 percent to yen 12.182 million yen (euro 104 million), an increase of yen 3,517 million compared to the same period in the previous year. Net income, however, plummeted to just yen 521 million (euro 4.46 million), compared with a figure of almost yen 3000 million a year earlier.
The company said the impact on the annual figures of the great Tohoku earthquake on 11 March 2011 was minmal, but will be seen in the results of the current year. Toyo said many of the tyres it had produced and destined for export markets were swept away in the tsunami, along with raw materials and fuel which were stored in local port facilities.
The Tire Business Unit posted Net Sales of 216,596 million yen (euro 1855 million) and operating Income of 8,863 million yen.
In the Tire Business Unit, the production volume will be increased by: increasing production in US factories; new factories in China; the Silverstone Company of Malaysia; integrating factories in China as subsidiaries; and thus striving to expand sales in high value-added products.
The DiverTech Business Unit posted total sales of 77,462 million yen and operating profits of 3,197 million yen.
In the DiverTech Business Unit, the business resources will be concentrated on the core businesses in anti-vibration rubber and air springs, thus advancing the strategy of optimising an efficient global system of supply. In the Urethane Business, the Company will actively engage in developing new products geared toward the next generation.
08 July 2011
Osaka, Japan -- Toyo Tire & Rubber said operating profits for the 12 months to 31 March 2011 increased by 40 percent on a sales increase of just 2 percent. However, net profits fell by over 80 percent on the previous year.
Toyo said consolidated net sales reached yen 294,092 million (euro 2520 million), an increase of yen 6,366 million, or 2.2 percent compared to the same period in the previous year.
Operating Income increased by 40.6 percent to yen 12.182 million yen (euro 104 million), an increase of yen 3,517 million compared to the same period in the previous year. Net income, however, plummeted to just yen 521 million (euro 4.46 million), compared with a figure of almost yen 3000 million a year earlier.
The company said the impact on the annual figures of the great Tohoku earthquake on 11 March 2011 was minmal, but will be seen in the results of the current year. Toyo said many of the tyres it had produced and destined for export markets were swept away in the tsunami, along with raw materials and fuel which were stored in local port facilities.
The Tire Business Unit posted Net Sales of 216,596 million yen (euro 1855 million) and operating Income of 8,863 million yen.
In the Tire Business Unit, the production volume will be increased by: increasing production in US factories; new factories in China; the Silverstone Company of Malaysia; integrating factories in China as subsidiaries; and thus striving to expand sales in high value-added products.
The DiverTech Business Unit posted total sales of 77,462 million yen and operating profits of 3,197 million yen.
In the DiverTech Business Unit, the business resources will be concentrated on the core businesses in anti-vibration rubber and air springs, thus advancing the strategy of optimising an efficient global system of supply. In the Urethane Business, the Company will actively engage in developing new products geared toward the next generation.
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