Yokohama posts results for first nine months
Yokohama Rubber Co. Ltd. posted net income of nine billion yen for the first three quarters of its present fiscal year, the nine months ended Dec. 31. That compares to net income of 222 million yen during the same period last year.
"Underlying the rebound in net income was a 0.1% increase in operating income to 17.3 billion yen," say Yokohama officials.
"The improvement in profitability occurred despite a 16.2% decline in net sales to 344 billion yen and reflected a downward trend in raw material prices, reductions in selling and other expenses, and smaller losses in currency translation."
However, sales in Yokohama's Tire Group declined 14.6% to 272.8 billion yen, reflecting "weak sales" in the company's laregst markets, Japan and North America.
Operating income for Yokohama's Tire Group increased by 18% to 16.8 billion yen. "Declining raw material prices and cost reductions more than offset the effect of lower sales."