Toyo reports sales, income declines
Toyo Tire & Rubber Co. Ltd. posted net sales of 328.3 billion yen on a net loss of 10.7 billion yen for its full 2008 fiscal year. Toyo's sales fell 8.1% from fiscal year 2007 levels.The company reported net income of 6.1 billion yen during 2007.
Sales in North America dropped "drastically below 2007 levels, partly due to a decline in personal consumption because of the recession," say Toyo officials. Sales were down in Japan, as well, due to the recession.
However, Toyo reported flat sales in Europe during fiscal 2008, "partly due to sales expansion activities."
Other bright spots for Toyo were the Southeast Asian and Middle Eastern markets, where sales volumes "significantly exceeded the level of the previous year, owing to a solid increase in incoming orders."