OSAKA, Japan (Nov. 4, 2009)—Toyo Tire & Rubber Co. Ltd. has cut in half the size of its projected first-half operating and net losses because of better-than-anticipated results of its cost-containment measures and the depreciating Japanese yen.
Toyo expects its operating loss for the six months ended Sept. 30 to be $14.3 million and the net loss $22 million. Sales are projected at $1.43 billion, or 7.4 percent lower than the forecast of May 11 and 25 percent lower than the year-ago performance.
Toyo also cited an equity method investment gain for helping to reduce the size of the net loss.
The tire maker will release its first half financial results on Nov. 9, at which time it expects to issue a revised full-year forecast.