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Toyo's income-to-sales ratio is 5.2% in 2Q

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Toyo Tire & Rubber Co. Ltd. posted net income of 9 billion yen on net sales of 173 billion yen for the second quarter ended June 30, 2013.

(The company shifted to calendar-year fiscal accounting as of 2013 from its previous April-to-March accounting. That resulted in a one-time-only nine-month fiscal accounting period last year, so there is no quarter-to-quarter comparison.)

Based on the exchange rate on June 30, 2013, Toyo recorded income of $91.1 million on sales of $1.7 billion for 2Q 2013. Its income-to-sales ratio was 5.2%. Toyo's operating income was 13.8 billion yen.

Toyo's tire business segment, which represents 77.5% of its revenues, recorded sales of 134.2 billion yen (more than $1.3 billion) and operating income of nearly 11.8 billion yen ($118.8 million).

In the North American market, thanks to strong sales of high value-added SUV tires, "sales volume and net sales of overseas replacement tires as a whole was favorable," according to Toyo, "with increases in revenues and profits compared to the previous term."

Toyo projects it will earn 17 billion yen on sales of 370 billion yen for fiscal 2013 ending Dec. 31, 2013.

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