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Income up, sales down at Toyo

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Toyo Tire & Rubber Co. Ltd. reported net income of 13.2 billion yen on net sales of 291.1 billion yen for its 2012 fiscal year (April 1, 2012 through December 31, 2012). That compares to income of 6.7 billion yen on sales of 320.6 billion yen for the same period the previous year.

Based on the exchange rate on Dec. 31, 2012, Toyo recorded net income of $153 million on net sales of $3.4 billion. The income-to-sales ratio was 4.5%.

In 2012, Toyo changed its accounting period from a fiscal year ending March 31 to a fiscal year ending Dec. 31. Because 2012 is the transitional period for this change, the company reported results for April 1, 2012 through December 31, 2012. Fiscal year comparisons are made on a “synchronized basis” reported by the company.

Operating income over the same period was nearly 15.7 billion yen ($183 million), an increase of 21% over fiscal 2011.

Toyo’s tire business unit posted net sales of 228,744 million yen and operating income of 13,014 million yen. The company says sales volume and net sales were favorable as tires for new vehicles rebounded from decreased production following the earthquake disaster, production volume of domestic cars increased, and sales of vehicles equipped with Toyo tires were strong.

In the Japan replacement market, sales volume and net sales were up due to an increase in value-added products such as fuel-efficient tires and strong sales of winter tires, according to the company.

In other markets, the company said:

* Sales in the North America remained at the same level as 2011 due to strong sales of SUV tires.

* In Europe, sales remained at the same level as 2011 due to the impact of an economic downturn of the overall market.

* In Southeast Asia, both sales volume and sales were favorable.

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