Yokohama Rubber Co. Ltd. has raised its forecasts for the first half of fiscal 2005 ended Sept. 30, 2004.
The company estimates it will post net income of 700 million yen on net sales of 189 billion yen for the first half. The net income total is 40% higher than the initial projection. Ordinary income will total three billion yen.
When the company presented its initial projections on August 10, it forecast the following:
* sales to increase 2.2% from the same period in the preceding year (to 186 billion yen);
* net income to decline 66.4% to 500 million yen; and
* ordinary income to decline 26.8% to two billion yen.
The changes "reflect higher tire sales volume overseas and improved revenues and earnings at domestic and overseas tire subsidiaries," according to the company.
Yokohama Rubber will announce its full-year forecasts on November 11.
