Sales were down in the first half, but Toyo Tire Corp. managed to increase its income-to-sales ratio with help from a 6.4% increase in profit attributable to owners of the parent company.
Toyo posted net income of 7.5 billion yen on net income of more than 178.5 billion yen for its first half ended June 30, 2019. That compares to income of 7 billion yen on sales of 185.7 billion yen for the same period last year.
Based on the exchange rate on June 30, 2019, Toyo recorded net income of $69.5 million on net sales of more than $1.6 billion. The company's income-to-sales ratio was 4.2%, up from 3.8% in the first half of fiscal 2018.
Operating income was down 26.2%, from 20.8 billion yen in 1H 2018 to 15.3 billion yen ($141 million) in 1H 2019.
Results by Business Unit
Compared to fiscal 2018, Toyo's Tire Business Unit posted net sales of 155.6 billion yen ($1.3 billion), a 2.8% decrease, and an operating income of 16.1 billion yen ($148.92 million), a decrease of 28.9%.
The Automotive Parts Business Unit posted net sales of nealry 22.9 billion yen ($211.5 million), an increase of 1%, and an operating loss of 756 million yen ($7 million), an increase of nearly 1.1 billion yen from the same period for fiscal 2018.