Toyo Tires Second-Quarter 2019 Net Sales Down Compared to Same Period in 2018; Total Assets Up

Toyo Tire Corp. has announced its consolidated business performance for the second quarter of fiscal year 2019 (Jan. 1-June 30, 2019) as follows:

Net Sales: 178,558 million yen (about $1,687,730,216), a decrease of 7,180 million yen or 3.9% from the same period for FY2018.
Operating Income: 15,344 million yen (about $145,031,488), a decrease of 5,460 million yen or 26.2% from the same period for FY2018.
Ordinary Income: 13,852 million yen (about $130,929,104), a decrease of 5,156 million yen or 27.1% from the same period for FY2018.
Profit attributable to owners of parent: 7,521 million yen (about $71,088,492) an increase of 452 million yen or 6.4% from the same period for FY2018.

Results by Business Unit

The tire business unit posted net sales of 155,634 million yen (about $1,471,208,202), a decrease of 4,411 million yen or 2.8% from the same period for FY2018, and an operating income of 16,114 million yen (about $152,325,642), a decrease of 6,555 million yen or 28.9% from the same period for FY2018.

The automotive parts business unit posted net sales of 22,888 million yen (about $216,265,246.76), an increase of 216 million yen or 1.0% from the same period for FY2018, and an operating loss of 756 million yen (about $7,143,444), an increase of 1,083 million yen from the same period for FY2018.

Explanation of Financial Situation

Total assets at the end of the second quarter of the consolidated accounting period were 471,132 million yen (about $4,451,726,268), an increase of 1,755 million yen compared to the end of the previous consolidated accounting period.

Liabilities were 261,955 million yen (about $2,475,212,795), a decrease of 50,170 million yen compared to the previous consolidated year-end accounting period. Interest-bearing liabilities were 118,165 million yen (about $1,116,659,250), a decrease of 19,162 million yen compared to the previous consolidated year-end accounting period.

Net assets as of the end of the second quarter of the consolidated accounting period were 209,177 million yen (about $1,976,722,650), an increase of 51,926 million yen compared to the end of the previous consolidated accounting period.

As a result, the capital ratio increased 10.9 points, compared with the previous consolidated year-end accounting period, to 43.4%.