Bridgestone has raised its earnings forecast for the current fiscal year despite production disruptions caused by the earthquake and tsunami in Japan.
The company’s cost-reduction efforts and higher tyre prices have helped to offset the yen’s strength, higher raw material costs and the aftermath of the disaster in March.
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Bridgestone raised its net profit outlook for the fiscal year ending December 2011 to JPY94bn from its previous projection of JPY82bn.
Sales are now expected at JPY3.19 trillion for the full year, up from its earlier forecast for JPY3.18 trillion.
Bridgestone said it increased its outlook for the first half through June while it left unchanged its projection for the second half to December. For the first half, the company increased net profit and sales forecasts to JPY35bn and JPY1.480 trillion respectively. In February it projected a net profit of JPY23bn on sales of JPY1.470 trillion for the period.
For the first quarter of this year the company reported a 78% on-year increase in net profit to JPY31.33bn.
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