TOKYO—Fukoku Co. Ltd. has reported a 66.6-percent year-on-year decline in operating profit, to $3.26 million on first-quarter consolidated net sales 2.2 percent higher at $141.5 million.
The Japanese rubber company linked the earnings decline to the impact of increases in raw material costs, transportation costs, and fuel costs over the three months to June 30.
At the group's Functional Parts business net sales decreased year-on-year by 10.1 percent to $57.6 million due to the impact of microchip shortages on automotive production. Income fell 41.2 percent year-on-year to $5.43 million on rising raw materials and transportation costs.