Toyo Reports Consolidated Business Results for Second Quarter

Toyo Tire & Rubber Co. has released its consolidated business results for the second quarter of the 2017 fiscal year.

The results are as follows:

Business Results

-Net Sales: 192,041 million yen (an increase of 5,601 million yen or

3.0% from the same period for FY2016)

-Operating Income: 21,834 million yen (a decrease of 4,384 million yen or

16.7% from the same period for FY2016)

-Ordinary Income: 18,695 million yen (a decrease of 2,230 million yen or

10.7% from the same period for FY2016)

-Profit attributable 11,076 million yen (an increase of 8,924 million yen or

to owners of parent: 414.7% from the same period for FY2016)

Results by Business Unit

-The tire business unit posted net sales of 154,066 million yen (an increase of 5,386 million yen or 3.6% from the same period for FY2016) and an operating income of 21,461 million yen (a decrease of 2,890 million yen or 11.9% from the same period for FY2016).

-The DiverTech business unit posted net sales of 37,951 million yen (an increase of 224 million yen or 0.6% from the same period for FY2016) and an operating income of 325 million yen (a decrease of 1,105 million yen or 77.2% from the same period for FY2016).

-In the financial results for the second quarter, as circumstances have progressed and the amounts can be reasonably estimated, the company posted an extraordinary loss of 1,855 million yen (1,493 million yen for the cost of measures for after-sales care of products and 361 million yen as provision of reserves for product warranties) as a result of posting 415 million yen for compensation, etc.

Depending upon progress from next quarter’s consolidated accounting period, if future costs that arise such as business compensation and reparations for damage such as delayed damage, expenses, etc., additional provision of reserves for product warranties may be posted, but at the present time, it is difficult to reasonably estimate the amount.

Discount Tire & Service Centers has a new sponsorship deal with the Los Angeles Angels for the 2024 season. Discount Tire said this partnership will not only benefit its customers with season-long promotions and giveaways but will also support local non-profits.

"We're thrilled to launch this strategic partnership with the Los Angeles Angels," said Sergio Andonian, president, Discount Tire & Service Centers. "As neighbors, from Anaheim, we are dedicated to serving our local communities and providing quality tire & automotive service at the most competitive prices. Together, we look forward to making a positive and lasting impact in the communities. Add baseball to the mix, and with this winning combination, the possibilities are endless."