KOBE, Japan (Aug. 13) — Sumitomo Rubber Industries Ltd. suffered a 6.2-percent drop in operating income in the first half as sales slipped 0.3 percent. Net income, on the other hand, more than quadrupled.
The sales and operating earnings drops are attributed to the firm´s sporting goods and industrial products businesses. The tire segment posted an 11-percent gain in operating earnings on 8.2-percent higher sales. Otherwise, Sumitomo offered no commentary on the results, released Aug. 9.
For the six months ended June 30, SRI´s operating income fell to $140.5 million on sales of $2.06 billion. Net income shot up to $66.2 million.
SRI´s tire segment—represented in North America by Treadways Corp. and Falken Tire Corp.—posted operating income of $103.8 million on sales of $1.72 billion. SRI´s sales in North America—the firm´s largest export market—were up 3.6 percent in the period to $277.7 million.