Toyo posts net sales, income gains for fiscal year

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Toyo Tire & Rubber Co. Ltd. reached record sales of 320.4 billion yen during its 2006 fiscal year, which ended on March 31. Toyo's net income also increased during the year to 6 billion yen.

The sales increase represents a 6.7% jump from the previous fiscal year, while income grew 11.8% from 2005.

Toyo says its tire sales rose 8.8% from fiscal year 2005 to fiscal year 2006. Company officials credit the improvement to "the expansion in sales of high value-added products," plus sales increases overseas.

However, Toyo's operating income for 2006 was 9.3 billion yen (down 28.4%) and its ordinary income was 5.7 billion yen (down 46% year-over-year).

Toyo predicts it will achieve 349 billion yen in sales for fiscal year 2007.

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