Sumitomo increases year-to-year net profit

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Sumitomo Rubber Industries Ltd. posted net income of 9.1 billion yen on net sales of 524.5 billion yen for its fiscal year ended Dec. 31, 2009. That compares to net income of 1 billion yen on sales of 605 billion yen in 2008.

Based on the year-end exchange rate, Sumitomo recorded net income of $98.5 million on net sales of nearly $5.7 billion.

Sumitomo's operating income was up 12%, from 25.6 billion yen to 28.7 billion yen, while its ordinary income (before extraordinary profit and loss and income taxes) was up more than 35%.

Net sales outside Japan break down as follows:

North America, 74.5 billion yen (down 13.2%);

Europe, 23.7 billion yen (down 28.6%);

Asia, 65.3 billion yen (down 10.2%);

Other areas, 70.3 billion yen (down 16.6%).

Global tire sales were down 13.5%, to 433.5 billion yen.

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