Tokai Rubber's Q1 results down on earthquake impact

Tokai Rubber's Q1 results down on earthquake impact
08 August 2011

Tokyo -- In the three months to 30 June 2011, Tokai Rubber Industries reported sales of yen 48,460 million (euro 433 million), down by 25 percent from yen 64,500 a year earlier.

Ordinary income in the period halved to Yen 1639 million, from yen 3423 million a year earlier. The company said this came as a result of the great Tohoku earthquake in March this year. The company reported a net loss of yen 732 million, reversing the profit of last year.

The company said the automotive supply chain suffered severe damage in the wake of the earthquake. Tokai automotive group sales fell 33 percent to yen 34 027 million, but the company still managed to make an operating profit of yen 639 million, down by over 75 percent year on year.

In te industrial segment, Tokai saw increased sales of high pressure hose into China and improved demand for earthquake bearings from the building trade. As a result, sales were up by 5.9 percent in the period, to yen 16 400 million while operating income reached yen 944 million.