Toyo releases preliminary 1H results
Toyo Tire & Rubber Co. Ltd. expects to post a net loss of 2 billion yen on net sales of 129.6 billion yen for the first half ended Sept. 30, 2009. Toyo's 2009 fiscal year will end on March 31, 2010.
Based on the exchange rate as of Sept. 30, Toyo's estimates it will lose $22.3 million on sales of $1.4 billion in the first half.
The preliminary results are better than expected, according to Toyo. On May 11, the company predicted a net loss of 4.2 billion yen on sales of 140 billion yen for the first half.
Toyo credits its emphasis on profitability improvement and the depreciation of the yen for improved net income and operating income; compared to its original forecast, the first-half operating loss of 1.3 billion yen was less by 1.5 billion yen.
The company is formulating its full-year performance forecast and will announce it when its first-half financial results become final.