Sumitomo Rubber Industries Ltd. reported lower operating income for the 2Q and first half of the year, despite higher sales year-over-year.
In the first half, Sumitomo’s operating income dropped 7.9% to $311.3 million, despite a sales increase of 3.6% to $3.62 billion. Total net income was down 5.7% to $162.1 million.
Similarly, the 2Q results showed a 9.2% decrease in operating income, to $151.5 million, while sales were up 9.1%, to $1.91 billion. Net income for the quarter was up 2.6% to $67.9 million.