Toyo sales & profits up, further growth expected in 2013
During the period between 1 April and 31 December 2012, Toyo Tire & Rubber achieved consolidated net sales of 291,110 million yen (£2.0 billion), almost exactly the projected figure given on 9 November 2012. On a synchronised basis, looking at 2011 results from April to December for Toyo’s companies in Japan and January to December for its overseas companies, this 2012 sales figure represents a year-on-year sales increase of 3.97 per cent. Actual 2011 sales, calculated from 1 April to 31 March, were 320,569 million yen. Operating income for April – December 2012 came to 15,650 million yen (£107.3 million), just a touch higher than the 9 November projection and up 30.7 per cent on a synchronised basis. Operating margin rose from 4.3 per cent to 5.4 per cent. Ordinary income for the 2012 reporting period was 13,645 million yen (£93.6 million), a rise of 51.2 per cent on a synchronised basis, while net income stood at 13,218 million yen (£90.6 million). From this total, Toyo’s Tire business unit posted net sales of 228,744 million yen (£1.6 billion), up 4.42 per cent year-on-year on a synchronised basis, and operating income of 13,014 million yen (£89.2 million), which using the same measure increased 30.9 per cent. Tire profit margins rose from 4.5 per cent to 5.7 per cent. The business unit’s original equipment sales rebounded after the previous year decrease in production following the 2011 earthquake, along with a rise in production volumes of Japanese cars and strong sales of vehicles equipped with Toyo tyres. The tyre maker reports that both sales volume and net sales were favourable. The Japanese passenger car tyre replacement market also experienced favourable sales and volumes, says Toyo. This rise occurred in part thanks to an increase in added-value products such as fuel-efficient tyres and strong winter tyre sales.
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