Yokohama announces first half sales gains
Yokohama Rubber Co. Ltd.´s net sales for the first half of fiscal year 2005 (April 1 through Sept. 30, 2004) totaled 189.7 billion yen, a 4.3% increase from the previous corresponding term.
"This reflected solid tire sales overseas, which offset the impact of higher yen," say Yokohama officials.
Yokohama´s operating income dropped 6.3% to 4.3 billion yen, due to "hikes in the price of natural rubber and other raw materials, as well as higher logistics costs stemming from increased export volume and a jump in shipping charges."
Yokohama´s Tire Group sales grew 6.5% to 135.4 billion yen, while its operating income climbed 73% to 3.5 billion yen.
For the full year, ending March 31, 2005, Yokohama is projecting 420 billion yen in sales and 23 billion yen in operating income. However, it also expects a 3.2% drop in net income to 10 billion yen.