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May 12, 2008 02:00 AM

Yokohama Rubber's earnings surge

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    TOKYO (May 12, 2008) — Yokohama Rubber Co. Ltd.'s net income rose 28.7 percent and operating profits 57.2 percent for the fiscal year ended March 31, but management is warning the firm will face tougher challenges this year.

    The Japanese tire maker said it posted a 10.9-percent hike in sales to $4.82 billion, more than offsetting rising raw material and logistics cost.

    Yokohama's net income increased to $184.6 million, reflecting the rise in operating profitability and tax benefits associated with improved profitability in North America. Operating income rose to $289.5 million on the increase in sales and the weakening yen, the firm said.

    Tire markets outside of Japan lead the way in sales, increasing 28.5 percent, the company said. Sales in North America jumped 14.1 percent to $979.6 million.

    Yokohama's Tire Business Staff Reported 12.6-percent higher sales of $3.67 billion with operating profits up 77.6 percent to $227.4 million. Yokohama said its efforts to expand production capacity at plants in Asia supported its strong unit sales growth in markets outside of Japan.

    The multiple business units reported less robust gains, with operating income up 3.6 percent and sales growing 5.5 percent.

    The company said earnings for the current fiscal year will suffer from the continuing rise in materials costs and the effects of the weakening yen. For the year ending March 31, 2009, Yokohama management expects operating and net income to fall more than 20 and 38 percent, respectively, to about $230 million and $115 million, based on current exchange rates. Sales are expected to grow about 2.5 percent.

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