Yokohama records profit of 11.3 billion yen in fiscal 2005
Yokohama Rubber Co. Ltd. posted net income of 11.3 billion yen on net sales of 419.8 billion yen as part of its consolidated fiscal 2005 results. The company's fiscal year ended March 31, 2005.
(Based on the March 11, 2005, exchange rate, Yokohama's income was $106.8 million on sales of $3.9 billion.)
Compared to fiscal 2004, Yokohama's net income was up 9.6% and net sales were up 4.5%. Yokohama says overseas tire sales grew despite a strong yen. Operating income slipped 0.6% (to 21 billion yen), however, which reflected higher raw materials prices. Ordinary income was down 0.8%.
Yokohama says tire sales were favorable overseas, particularly in Europe, Asia and the Middle East. Replacement tire sales were up in Japan. Tire Group sales grew 6.7%, to 307.9 billion yen.
Sales at Yokohama's Multiple Business Group were down 1%, to 111.9 billion yen. Stagnant demand depressed sales of golf products, conveyor belts and fenders, overshadowing gains in hydraulic hoses and sealants, according to the company. Operating income plunged 51.8%, to 2.8 billion yen, mainly because of the decline in profits from aircraft components and lower sales of golf products.
For fiscal 2006, management projects a 6% increase in net sales (to 445 billion yen), a 14.5% rise in operating income (to 24 billion yen), a 5.2% improvement in ordinary income (to 18 billion yen) and a 1.6% increase in net income.
For more detailed information, visit the company's Web page at www.yrc-pressroom.jp/english/html/200551213mg006.html.