Yokohama reports income decline
Yokohama Rubber Co. Ltd.'s operating income for the first three quarters of its present fiscal year declined 43.8% from the same period of the previous year to 17.3 billion yen.
Yokohama's Tire Group posted a 2.2% increase in sales over the same period to 319.4 billion yen. However, the group's operating income declined 44.6% to 14.2 billion yen.
Yokohama officials say sales growth in tires "benefited from growth in sales to automakers in Japan," plus overall growth in overseas business.
"The decline in operating profitability in the Tire Group resulted from the upward trend in raw material prices, the appreciation of the yen, and an increase in selling expenses, which resulted from expanded unit sales volume."