TOKYO (May 13)—Yokohama Rubber Co. Ltd. expects the continuing increases in raw materials prices and the high value of the yen to hurt its earnings for 2004.
The company's forecast accompanied the release of its fiscal 2004 financial results, which show a 9.1-percent drop in operating earnings and a slight gain in sales.
For fiscal 2005, Yokohama anticipates its net income to fall 12.9 percent while sales rise 2.1 percent.
For the last fiscal year, ended March 31, Yokohama reported operating income of $186.3 million and sales of $3.55 billion. Net profits rose slightly, to $91.3 million, aided by a reduction in taxes in Japan.
Operating profits in the Tire Group fell 11.5 percent, to $135.1 million, while sales grew 0.6 percent, to $2.55 billion.