Toyo Tire & Rubber Co. Ltd. reported net income of 11.6 billion yen on net sales of 370.2 billion yen for its fiscal year ended December 31, 2013. That compares to income of 13.2 billion yen on sales of 291.1 billion yen for the same period the previous year.
Based on the exchange rate on Dec. 31, 2013, Toyo recorded net income of $118 million on net sales of $3.8 billion. The income-to-sales ratio was 3.1%.
In 2012, Toyo changed its accounting period from a fiscal year ending March 31 to a fiscal year ending Dec. 31. As a result, the full business year ended December 2013 and the consolidated term for the full business year ended December 2012 to which it is compared are different. The company says data related to business results refers to business results for the following term based on legal financial accounting.
Operating income over the same period was more than 37.2 billion yen ($379 million), an increase of nearly 58% over fiscal 2012.
Toyo’s tire business unit posted net sales of 289,714 million yen and operating income of 33,785 million yen.
The company says record highs were achieved for net sales, operating income and ordinary income as a result of strong performance of the tire business in the North American market, a continued weakening of the yen and stable raw material prices. The company says its operating margin also reached 10%.
Unit sales and net sales were also favorable in the European and Southeast Asian markets, resulting in increased sales and profits compared to the previous term.
For more information, visit the company’s website.