Toyo releases first quarter results
Toyo Tire & Rubber Co. Ltd. posted net sales of 86.6 billion yen for the first quarter of its 2008 fiscal year, which ended June 30. During that period, the company took a net loss of 1.4 billion yen.
Toyo's tire segment posted net sales of 62 billion yen during the company's first quarter. "Sales of original equipment tires for the domestic market significantly exceeded those of the first quarter of fiscal 2007 due to expanded sales of high value-added products," say Toyo officials.
"Sales volumes of replacement tires for the domestic market drastically decreased and net sales fell below the level of the same quarter a year earlier due to sluggish demand partly caused by gasoline prices.
"Meanwhile, overseas sales volumes and amounts exceeded the levels of the same period of the previous year."
In North America, Toyo reports that its sales volume grew during the first quarter, "while net sales were on par with the same period the previous year."