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Sumitomo changes red number to black

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Sumitomo Rubber Industries Ltd. recorded net income of 14 billion yen on net sales of 424.5 billion yen for the first three quarters of fiscal 2010 ended Sept. 30. That compares to a net loss of 2 billion yen on sales of 356.6 billion yen for the same period a year ago.

Based on the exchange rate on Sept. 30, 2010, Sumitomo posted revenue of $167.3 million on sales of nearly $5.1 billion for the first nine months of the year.

Operating income year to date was 28.6 billion yen, a 190% increase over last year.

Net tire sales were up 22.3%, from 292.3 billion yen to 357.5 billion yen. Tire sales account for 84% of Sumitomo's total sales.

Net sales in North America totaled 62.6 billion yen, or $748.3 million.

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