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August 11, 2008 02:00 AM

Yokohama 1st quarter income down despite higher sales

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    TOKYO (Aug. 11, 2008) — Yokohama Rubber Co. Ltd.'s operating income fell 3.3 percent and net income 7.2 percent in the first quarter as the continuing rise in raw material costs and logistics expenses more than offset a 1.3-percent rise in sales.

    Despite the slight setback in the period ended June 30, Yokohama management is sticking by its full year forecast issued in May because a weakening yen has offset the adverse earnings impact of the rising raw materials costs.

    For the quarter, Yokohama's operating income fell to $39.4 million as sales rose to $1.18 billion, for an operating margin of 3.3 percent. Net income declined to $27.8 million.

    The company's tire segment sales revenue rose 2.5 percent to $888.6 million on higher sales in Asia and other emerging markets, the company said. Sales in Japan and North America both were lower than a year earlier, with the latter down 4.5 percent to $221 million.

    Tire segment operating income climbed 5.6 percent to $31 million on improved profitability at production subsidiaries in Thailand, Philippines and China, and a sevenfold increase in North America over a year ago to $13 million.

    The company had lower sales and earnings in its multiple business segment, where weakening demand for aircraft products offset higher sales of high-pressure hoses, conveyor belts and marine fenders.

    For the full fiscal year, Yokohama management has projected double-digit drops in operating and net income on 2.5-percent higher sales.

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