Yokohama Records Best Fiscal First Half in Company History
With a resurgence in tire sales in Japan and overseas, Yokohama Rubber Co. announced a 29-fold increase in business profits through June of this year compared with the same period in 2020 in reaching 39.6 billion yen.
Its operating profit increased 16 fold in reaching 48.6 billion yen.
All of the earnings figures were Yokohama’s highest ever for the fiscal first half.
First-half sales revenue and business profit in Yokohama’s Tires segment increased over the same period of the previous year. Sales revenue in original equipment tires increased strongly, supported by recovering demand in Japan and in China.
That increase occurred despite the adverse effect of shortages of semiconductor devices on vehicle production volume worldwide. In replacement tires, sales revenue rose strongly in Japan and overseas. The company said that growth was testimony to vigorous promotion of high-value-added products and expanded production to meet robust demand. Also, early-year snowfalls in Japan supported strong sales of winter tires there.