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Sumitomo more than doubles income in 2010

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Sumitomo Rubber Industries Ltd. recorded net income of 21.4 billion yen on net sales of 604.5 billion yen for 2010. That compares to income of 9.1 billion yen on sales of 524.5 billion yen for 2009.

Based on the exchange rate on Dec. 31, 2010, Sumitomo posted revenue of $263 million on sales of $7.4 billion for fiscal 2010.

Operating income last year was 47.5 billion yen, a 65% increase over the previous year.

Net tire sales were up 18.5%, from 433.4 billion yen to 513.8 billion yen. Tire sales accounted for 85% of Sumitomo's total 2010 sales.

Net sales in North America totaled 81.5 billion yen, or $1 billion. Compared to 2009, Sumitomo's sales in yen in North America were up 9.3%.

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