Yokohama Rubber’s sales were down 5.6% year on year to JPY127.7bn (US$1.26bn) in the first quarter of the year (to 31 March 2013). Operating income fell 18.1% to JPY7.6bn and net income plunged 35.7% to JPY5.6bn.
In tyre operations, sales declined 6.6% to JPY100.1bn and operating income was down 27.6% to JPY5.7bn.
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Industrial products sales fell 2.7% to JPY22.1bn but operating income increased 21.6% to JPY1.5bn. The decline in sales reflected weakening Japanese demand for automotive sealants and for sealants for electronic and electrical equipment, the supplier said. But it posted gains in overseas sales of automotive hoses and sealants.
Yokohama forecast H1 sales up 9.7% to JPY295bn, operating income up 0.5% to JPY20bn, and net income off 5.1% to JPY13bn.
Full year sales are seen rising 12.6% to JPY630bn, operating income 18.7% to JPY59bn and net income up 10.4% to JPY36bn.
This is because Yokohama expects a strong recovery in overseas tyre sales in the second half.
