Bridgestone Corp, Japan’s biggest tyre maker, is set to book a 9% gain in net profit to $891.6 million in the year to December, on strong demand for its products at home and abroad, a Japanese newspaper, according to Reuters.
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Bridgestone, which dominates the world’s tyre market along with Goodyear Tyre & Rubber Co., had raised its half-year earnings forecast in May to 45 billion yen, but left unchanged a February forecast of a 15% fall in full-year profit to 75 billion yen, the report noted.
It reportedly said the projected full-year decline was due to higher rubber prices and an expected drop in production after a fire at a plant in Japan last year.
Company spokeswoman Naomi Eto told Reuters the company had no plans so far to revise the May forecast, but added that first-half earnings would be firm due to strong overseas sales and a weaker yen.
The daily Nihon Keizai Shimbun reportedly said the company’s high-end products were selling well in Japan, helped by an economic recovery, while price rises in January in Europe were improving business there.
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By GlobalDataLosses at its tyre production and wholesale business in the United States are expected to shrink while revenues increase 3% to 2.37 trillion yen, the paper said, according to the news agency.
The company will announce results for the six months ended in June on August 10, Reuters added.
