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Net sales rise, income falls for Sumitomo

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Sumitomo Rubber Industries Ltd. recorded net income of 13.7 billion yen on net sales of 467.6 billion yen for the first three quarters of its fiscal year ended Sept. 30, 2011. That compares to income of 14 billion yen on sales of 424.5 billion yen for the same period last year.

Based on the exchange rate on Sept. 30, 2011, Sumitomo posted net income of $179.2 million on sales of $6.1 billion for the first nine months of the year. The company's income-to-sales ratio was 2.9%.

Sumitomo's operating income of 29.4 billion yen was up 2.5% compared to the same period in 2010.

Net tire sales were up 13.6%, from 357.5 billion yen to 406.3 billion yen. Tire sales accounted for 87% of Sumitomo's total sales through three quarters. That compares to 86% in 1H 2011.

Operating income for the tire segment of the business was up nearly 22%, to 27.3 billion yen.

To compare the first-half or first-quarter results with the current numbers, click on the links below.

1H: "Sumitomo posts 1H profit of $110 million."

1Q: "Sumitomo posts higher sales, lower profit."

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