KOBE, Japan (May 8, 2009)—Sumitomo Rubber Industries Ltd. reported operating and net losses for the quarter ended March 31 on 23.8 percent lower sales of $1.15 billion.
Sumitomo's operating and net losses amounted to $58.3 million and $79.6 million, respectively. The firm was solidly in the black a year ago.
Sumitomo's tire division accounted for all of the firm's operating loss, as the firm's sports and industrial business units managed to stay in the black, albeit only barely.
The company's sales in its North American unit fell 22.2 percent to $182.3 million.
Sumitomo did not comment on the reasons for the losses or sales drops.
The firm's tire products are sold in North America by Treadways Corp. and Falken Tire Corp.