Bridgestone, the world’s largest tyre maker, said first-quarter profit rose 3.6% as the company sold more tyres and raised prices to make up for higher raw material costs.
The company raised its first-half forecast.
Net income was 28.1 billion yen (US$230m), or 36.06 yen a share, for the three months ended March 31, from 27.2 billion yen or 34.81 yen a year earlier, the Tokyo-based company said in a release today. Sales rose 9.3% to 769.9 billion yen from 704.7 billion yen.
The maker of Bridgestone and Firestone tyres benefited as a weaker yen against the dollar and euro boosted the value of rising overseas sales. More than half of the company’s sales are in the Americas and Europe.
Bridgestone raised its net income forecast for the first six months of the year by 29% to 45 billion yen from 35 billion yen, citing a weaker yen.