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Sumitomo posts net loss in the first half

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Sumitomo Rubber Industries Ltd. posted a net loss of 6.9 billion yen on net sales of 229.7 billion yen for the first half of its fiscal 2009 ended June 30. That compares to net income of 2.1 billion yen on sales of 284.5 billion yen for the same period last year.

Based on the exchange rate on June 30, 2009, Sumitomo recorded a net loss of $72.1 million on sales of $2.4 billion for 1H09.

Tires accounted for 186.2 billion yen ($1.9 billion), or 81%, of total sales. Compared to the first half of 2008, tire sales were down 19%. The tire segment also incurred an operating loss of 2.4 billion yen in the first half, compared to net income of 7.6 billion yen last year.

In North America, Sumitomo's sales were down nearly 20%, from 46.2 billion yen to 37.1 billion yen. North America represents 16.1% of the company's total sales.

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