Following hot on the heels of Brdigestone’s bumper profits, Sumitomo Rubber has posted record profits for 2002. The Kobe-based tyre maker said that its strong 2002 result was underpinned by strong exports to North America and Asia as well as a weak yen.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Operating profit rose 40.6 percent from 2001 to 31.74 billion yen, while revenues rose 3.1 percent to 447.89 billion yen.
“In order to achieve a ‘V’ shaped recovery after our fall into the red in 2001/02, we instilled emergency profit boosting measures and radical reform measures, and have achieved big cuts in areas like personnel costs,” Sumitomo said in a statement.
The company also said that it had benefited from some restructuring in Europe.
Looking ahead, Sumitomo said it held out little hope for a bounce-back in the domestic economy, but still expected cost cuts and other measures to help it post a solid rise in net profit to 11 billion yen in 2003.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
