Toyo reports first half loss, sales decline
Toyo Tire & Rubber Co. Ltd. posted net sales of 129 billion yen on an operating loss of 1.3 billion yen during the first half of its 2009 fiscal year, which ended Sept. 30. Sales are 25% down from the same period last year.
During the same period last year, Toyo enjoyed operating income of 1.1 billion yen.
Toyo's tire sales for the first half of 2009 totaled 96 billion yen, a 21.6% drop from the same period last year. "Demand in major markets like North America and Europe were affected by delays in the economic recovery," say Toyo officials.
"Overall total sales volume and net sales fell sharply below levels for the first half of fiscal year 2008."