Yokohama's first-half estimates are looking up
Only two months after its last projection, Yokohama Rubber Co. Ltd. has raised its projections for consolidated net sales and earnings in the first half of its 2011 fiscal year.
Through the six-month period from April 1 to Sept. 30, 2010, Yokohama projects net earnings of approximately zero yen, which compares to a net loss of 3.9 billion yen in the first half of its previous fiscal year. The projection for net income is a 1.4 billion yen improvement over the projection announced on July 30, 2010.
The improved outlook for earnings "reflects accelerated progress in trimming costs, as well as the increased sales forecast," according to the company.
Net sales are expected to increase 18.3% over the same period of the previous fiscal year, to 239 billion yen. That total is 0.4% higher than estimated in July.
Management also raised its July operating income estimate 57.5%. The company expects to post operating income of 6.3 billion yen in the first half, compared with an operating loss of 400 million yen in the first half of the previous fiscal year.
Yokohama will announce its full-year fiscal projections on Nov. 1, 2010, when it will release its interim business and financial results. The company's 2011 fiscal year ends March 31, 2011.