TOKYO (May 15, 2008) — Toyo Tire & Rubber Co. Ltd. reported double-digit increases in operating income and sales for the fiscal year ended March 31, with the tire division accounting for nearly all of the gain.
Operating income jumped 40.5 percent to $115.2 million while sales advanced 11.5 percent to $3.13 billion. Net income edged up 2 percent to $53.7 million on the effects of a special loss the firm booked to cover anticipated expenses for repair work and other measures related to its building construction materials business.
Tire segment sales jumped 15.6 percent to $2.21 billion, thanks primarily to steady growth in international sales, Toyo said. Operating income surged 52.7 percent to $109.1 million despite higher raw materials prices.
Sales in North America advanced 18 percent to $1.01 billion, and operating income in the region jumped 15-fold to $44.7 million. Other international sales jumped 40.8 percent to $464.5 million, whereas sales in Japan edged up only 2 percent to $1.65 billion.
The firm did not disclose any projections for the current fiscal year.