TOKYO—Yokohama Rubber Co. Ltd. said its net income slid nearly 10 percent, but reported higher operating income and sales for the six months that ended June 30.
Operating income was up 7.3 percent to $201.6 million on the effects of higher sales, low raw materials prices and a weakening Japanese yen, Yokohama said. Sales rose 4.4 percent to $2.47 billion on gains by both the tire and non-tire segments.
Tokyo-based Yokohama said its sales and operating income were records for the first half. The operating ratio was up slightly to 8.5 percent.
Net income fell 9.6 percent to $135.1 million.
Tire segment sales rose 4.4 percent to $1.93 billion on the strength of overseas sales, especially in Europe, Russia and China. The company posted weak results in North America but did not elaborate nor post separate figures for its regions.
The firm's sales in Japan were off both in the original equipment and replacement market due to a variety of market influences.
Tire segment operating income was up 4.5 percent to $161 million.
Yokohama's multiple business unit—hoses, sealants and adhesives, conveyor belts, marine fenders and seismic dampers—reported nearly 16-percent better operating income on 4.9 percent higher sales.
For the full fiscal year, Yokohama is abiding by its February projections of increases of 8.4 and 7.6 percent, respectively, for operating income and sales, but the company raised its net income forecast slightly, based principally on currency translation adjustments.