Japanese tyre manufacturer Bridgestone Corporation has reported a 69% drop in net profits for the first nine months of the year. This compares with a 68% fall in the first six months.
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It attributed the drop to the high cost of rubber and other raw materials and to restructuring costs associated with the closure of two plants in the US.
Net profit was down to 50.06bn yen (US$427m) compared to 159.36bn yen a year ago.
Sales were, however, up 13% in the first nine months, to 2.163 trillion yen (US$18.5bn), up from 1.921 trillion yen a year ago. Sales grew in Japan, the US and Europe, as well as other regions.
The company maintained its full year forecast of a profit of 62bn yen on sales of 2.95 trillion yen.
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By GlobalData
