The Yokohama Rubber Co. announced a 0.6% decline to 209.billion yen in its tire operation sales from last year. Additionally, the tiremaker’s operating income decreased by 17.9%, to 13.9 billion yen.
The company noted less demand for OE tires in Japan and escalating price competition as factors for decreased sales. Additionally, demand in Europe, China and North America also slowed.
Overall, the company reported its net sales are up 0.3% from last year to 269.7 billion yen, reaching a record high in the first half of 2013. Its operating income and net income decreased by 4.2% to 19.1 billion yen and 5.3% 13 billion yen, respectively, Yokohama added.