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Toyo turns 2 billion yen loss into 966 million gain

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Toyo turns 2 billion yen loss into 966 million gain

Toyo Tire & Rubber Co. Ltd. recorded net income of 966 million yen on net sales of143.4 billion yen for its first half ended Sept. 30, 2010. That compares to a net loss of nearly 2 billion yen on sales of 129.6 billion yen for the same period last year.

Based on the exchange rate on Sept. 30, 2010, Toyo posted revenue of $11.5 million on sales of $1.7 billion for 1H 2010.

Operating income was 4.1 billion yen, compared to an operating loss of 1.3 billion yen in 1H 2009.

Comparing second-quarter results year to year, Toyo was up in sales but down in income and operating income.

2Q, ended Sept. 30 (2009 results in parentheses)

Net sales: 71.2 billion yen (67.2 billion yen).

Net income: 223 million yen (644 million yen).

Operating income: 1.47 billion yen (1.75 billion yen).

Tire sales, which represent 72.5% of total sales, were up 8.4% for the first half and 4.3% for the second quarter versus fiscal 2009.

Net sales in North America were up 16.9% for the first half -- from 39.7 billion yen to 46.4 billion yen -- and 17.5% for the second quarter.

For the full year ending March 31, 2011, Toyo estimates net income will total 4 billion yen and net sales will total 300 billion yen. In its previous fiscal year, Toyo posted net income of 2.9 billion yen on sales of 287.7 billion yen.

Toyo predicts tire sales will come in at 220 billion yen; for its full-year results on March 31, 2010, Toyo recorded tire sales of 214.3 billion yen.

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