Bridgestone Corporation has reported operating income of 92 billion yen for the half year to June 30, 2005, up just 0.1% from a year ago.
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Net income increased 95% to 101.7 billion yen. This was due primarily to an extraordinary gain of 80.8 billion yen arising mostly from the return of the substitutional portion of an employee pension plan covering Bridgestone Corporation and some consolidated Japanese subsidiaries to the Japanese government.
This gain outweighed ¥2.9 billion [$26.2 million] in impairment losses, which were recorded as extraordinary losses due to the early adoption of an accounting standard on impairment of fixed assets.
Sales rose 9% to 1,256.2 billion yen.
“A defining trend of the business environment in the first half was continued global upward movement in the cost of crude oil and other raw materials,” Bridgestone said in a statement.
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By GlobalDataIn the tyre segment, the Bridgestone companies’ operating income in the first half declined 7% from the same period the previous year, to ¥68.6 billion, on an increase of 9% in sales, to ¥998.1 billion.
