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Sales are up 6%, income is down 29% for Sumitomo Rubber in 2007

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Sumitomo Rubber Industries recorded net income of 19.5 billion yen on net sales of 567.3 billion yen for fiscal 2007 ended Dec. 31, 2007. That compares to income of 27.6 billion yen on sales of 534.1 billion yen in 2006.

Based on the 2007 average exchange rate, Sumitomo recorded net income of $165.7 million on net sales of $4.8 billion in 2007. As a percentage of sales, the company's net income decreased from 5.1% in 2006 to 3.4% in 2007.

Sumitomo's sales in North America totaled nearly 76.3 billion yen ($648 million), and represented 13.4% of global sales.

Tire segment sales (not counting inter-segment sales and transfers) accounted for 84.3% of Sumitomo's total revenue: 478.5 billion yen, up 11.1% from the previous year. The tire segment's operating income for 2007 was 35.9 billion yen, up 36%.

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