Yokohama Rubber Co. announced its highest net sales and operating income in the company’s 2015 first half results.
Net sales increased 4.4% to 269.3 billion yen and operating income increased 7.3% to 25.3 billion yen; however, net income declined 9.6% to 16.2 billion yen.
The company said sales benefited from gains in its tire segment in overseas markets and the company’s multiple business segment in industrial materials.
Operating income for Yokohama’s tire segment increased 4.5% to 19.3 billion yen, with a 4.4% increase in sales to 231.7 billion yen. The company had strong growth in Europe, Russia and China, but weak results in North America. In Japan, the continuing decline in Japanese vehicle production caused the original equipment business to decline.
Operating income in the multiple business segment increased 15.9% to 5.6 billion yen, with a 4.9% increase in sales to 61.1 billion yen. Formerly categorized as industrial products, the multiple business increased as a result of the growth in marine hoses, anti-seismic products, and aircraft fixtures and components. Sales declined in high-pressure hoses
The low prices of raw materials and the declines in yen value also benefited earnings.
