Toyo Tire & Rubber Co. reported a 94.6% fall in its group net profit for 2015. The company’s profits dropped 1.67 billion yen ($14.6 million) as a special loss due to a data falsification scandal.
Despite lower profits company wide, Toyo’s tire business unit posted an increase in both net sales and operating income year over year. The company reported net sales of 325,539 million yen ($2.8 billion), an increase of 4.3%, and an operating income of 58,004 million yen ($ 509 million), an increase of 28% year over year.
In North America and Europe, despite a decline in unit sales year over year, the markets posted an increase in net sales, Toyo said.
In 2016, Toyo expects to post a 30 billion yen ($263 million) net profit and a 63.38 billion yen ($556 million) on sales, the company said.