Sumitomo Rubber Industries recorded net income of 5.8 billion yen on net sales of 134.1 billion yen for the first quarter ended March 31, 2010. That compares to a net loss of more than 7.5 billion yen on sales of 108.9 billion yen for the same period a year ago.
Based on the exchange rate on March 31, 2010, Sumitomo posted net income of $63.3 million on net sales of more than $1.4 billion. The net income-to-sales ratio was 4.3%.
First-quarter operating income rose from a net loss of 5.5 billion yen in 2008 to net income of more than 9.7 billion yen this year.
Sales in 1Q '10 vs. 1Q '09 were up in all geographic areas. In Japan, net sales totaled 91.7 billion yen, an 11.7% increase (Japanese sales account for 68.4% of global net sales).
Tire sales accounted for 83.2% of the company's total sales.
