Sumitomo posts first-half sales gain of 6.3%

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Sumitomo Rubber Industries Ltd. recorded net income of 12 billion yen on net sales of 230.6 billion yen for its fiscal first half ended June 30, 2005. That compares to net income of nearly 4.5 million yen on sales of 216.9 billion yen for the same period a year ago.

Based on the exchange rate on June 30, 2005, Sumitomo posted net income of $108.2 million and sales of nearly $2.1 billion for the first six months.

Tire sales represented 76% of total net sales, which were up 6.3% over the previous year. Tire sales were up almost 10% worldwide.

The company also posted operating income of 20.6 billion yen, an 18.7% increase over the first half of 2004.

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