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Toyo Tire & Rubber Q3 profit climbs 14.8% YOY

Toyo Tire & Rubber Co. Ltd. said its normalized net income for the third quarter was ¥71.60 per share, a gain of 14.8% from ¥62.36 per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was ¥9.09 billion, a gain of 14.8% from ¥7.92 billion in the year-earlier period.

The normalized profit margin rose to 8.5% from 7.9% in the year-earlier period.

Total revenue rose 6.6% year over year to ¥106.55 billion from ¥99.95 billion, and total operating expenses totaled ¥88.07 billion, compared with ¥87.45 billion in the year-earlier period.

Reported net income came to a loss of ¥159.0 million, or a loss of ¥1.25 per share, compared to income of ¥8.24 billion, or ¥64.89 per share, in the prior-year period.

As of Nov. 9, US$1 was equivalent to ¥123.27.