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Sumitomo posts higher sales, lower profit

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Sumitomo Rubber Industries Ltd. recorded net income of 4.2 billion yen on net sales of 145.1 billion yen for its first quarter ended March 31, 2011. That compares to income of 5.8 billion yen on sales of 134.1 billion yen for the same period last year.

Based on the exchange rate on March 31, 2011, Sumitomo posted net income of $51.2 million on sales of more than $1.7 billion for 1Q 2011. The company's income-to-sales ratio was 2.9%.

Sumitomo's operating income of 9.7 billion yen was comparatively flat.

Net tire sales were up 11.4%, from 111.6 billion yen to 124.3 billion yen. Tire sales accounted for 85.7% of Sumitomo's total 1Q 2011 sales. That compares to 85% in fiscal 2010.

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