Overseas business boosts Yokohama net income

TOKYO (May 27)—Yokohama Rubber Co. Ltd.'s fiscal 2003 net income surged 37.8 percent to a record $83.2 million, with the company's North American businesses contributing a significant portion of the increase. The firm's sales for the year ended March 31 edged up 0.2 percent to $3.29 billion, improving the earnings/sales ratio at 2.5 percent. Operating income was up 2.1 percent to $190.2 million. The company credited its overseas operations in Europe, North America and Asia for its earnings improvement; conditions in Japan, on the other hand, "remained very adverse." Tire Group operating income rose 10.8 percent to $141.6 million as sales improved 1 percent to $2.35 billion. Operating income in North America quadrupled to $20.6 million as sales increased 4.6 percent to $579.3 million.