Japanese tyre maker Bridgestone Corp has reported strong 2002 financial results on the back of brisk reports and a weak yen. Net profit was up by 161 percent last year.
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The company’s delight at the results and the corporate comeback from the Firestone recall debacle in the US was slightly tempered by a cautious outlook for 2003. The company forecasted a drop in sales and profit for 2003 amid rising rubber prices and a weakening dollar.
For 2002, Bridgestone achieved a consolidated net profit of 45.38 billion yen ($383.4 million), or 51.97 yen per share, better than the 40 billion yen forecast by the company in December.
Operating profit jumped 56 percent to 183.86 billion yen with revenue rising 5.3 percent year-on-year to 2.248 trillion yen, as Bridgestone also gained from a weak yean and restructuring of its US operations.
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By GlobalData
