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Sumitomo posts 1H profit of $110 million

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Sumitomo Rubber Industries Ltd. recorded net income of 8.9 billion yen on net sales of nearly 300 billion yen for its first half ended June 30, 2011. That compares to income of 10.4 billion yen on sales of 280.8 billion yen for the same period last year.

Based on the exchange rate on June 30, 2011, Sumitomo posted net income of $110.3 million on sales of $3.7 billion for 1Q 2011. The company's income-to-sales ratio was 3.0%.

Sumitomo's operating income of 19.8 billion yen was down 2.7% compared to the first half of 2010.

Net tire sales were up 10%, from 234.3 billion yen to 257.7 billion yen. Tire sales accounted for 86% of Sumitomo's total 1H 2011 sales. That compares to 85.7% in 1Q 2011.

To compare the first-half results with its first-quarter numbers, click on "Sumitomo posts higher sales, lower profit."

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