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Toyo Tire & Rubber Q4 profit climbs 11.5% YOY

Toyo Tire & Rubber Co. Ltd. said its normalized net income for the fourth quarter was ¥74.72 per share, an increase of 11.5% from ¥66.99 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥9.49 billion, an increase of 11.5% from ¥8.51 billion in the prior-year period.

The normalized profit margin increased to 8.9% from 8.0% in the year-earlier period.

Total revenue totaled ¥106.83 billion, compared with ¥106.51 billion in the prior-year period, and total operating expenses decreased year over year to ¥91.06 billion from ¥93.01 billion.

Reported net income decreased 22.5% on an annual basis to ¥5.99 billion, or ¥47.16 per share, from ¥7.73 billion, or ¥60.87 per share.

For the year, the company's normalized net income totaled ¥277.72 per share, a gain of 24.2% from ¥223.59 per share in the prior year.

Normalized net income was ¥35.27 billion, a gain of 24.2% from ¥28.40 billion in the prior year.

Full-year total revenue rose from the prior-year period to ¥407.79 billion from ¥393.78 billion, and total operating expenses totaled ¥344.41 billion, compared with ¥346.27 billion in the prior-year period.

The company said reported net income declined 94.6% year over year to ¥1.67 billion, or ¥13.18 per share, in the full year, from ¥31.24 billion, or ¥245.97 per share.

As of March 30, US$1 was equivalent to ¥112.45.