TOKYO (Feb. 1, 2010)—Yokohama Rubber Co. Ltd. reported stable operating profits and a large increase in net income for the nine months ended Dec. 31, despite a sales slump of 16.2 percent.
Tire operating income rose 18 percent while sales fell 14.6 percent, the company said, compared with the same period of the previous fiscal year. Sales were weak in Yokohama's largest markets, Japan and the U.S., and strong in China and Russia.
The firm's diversified business group's sales declined 22 percent and operating income 86.3 percent, while its multiple business group had poorer results as sales of high-pressure hose and conveyor belts decreased.