KOBE, Japan (Nov. 10, 2010)—Sumitomo Rubber Industries Ltd. reported lower operating and net income in the quarter ended Sept. 30, although sales increased 13.2 percent to $1.67 billion.
SRI's third quarter operating income fell 21 percent to $96.6 million and net profits slipped 26.5 percent to $41.9 million, according to the firm's nine-month financial results.
For the nine-month period, SRI's operating income was nearly triple that of a year ago at $320 million and the net of $156.8 million contrasted with a net loss of more than $20 million. Sales for the three quarters were up 19 percent to $4.74 billion.
Sumitomo did not comment on the reasons for the earnings or sales changes.
SRI's tire segment reported sales of $1.43 billion in the third quarter and $4 billion for the nine months, gains of 16.2 and 22.3 percent, respectively. Operating income for the periods was $83.5 million and $253 million.
SRI reported nine-month sales in North America of $7 billion—an increase of 13.9 percent over a year ago